Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
VideoVerse was incepted to create exciting content with artificial intelligence technology and to make video editing democratic and accessible. The company’s journey began in 2016 when Saket Dandotia, Alok Patil and Vinayak Shrivastav teamed up.
The trio wanted to create a technology that would disrupt the content industry. The solution they came up with was Magnifi, which along with Sytck and Illusto make up the ecosystem of VideoVerse.
“We truly believe that technology should help all content creators maximize their investments by not only telling better stories but also garnering a wider reach, seamless transition and efficient working solutions. We are constantly innovating to best suit consumer needs and industry demands,” said Meghna Krishna, CRO, VideoVerse.
The company conducted market surveys and focused research on narrowing down the exact challenges it was solving for. The vision was to build a platform that allowed for accommodations and fine-tuning needed to suit every aspect of the production process as well as client requirements. The company created its platform by harnessing the power of AI and ML. It worked towards ensuring the application was precise and efficient. Sports was the first genre VideoVerse forayed into and the team researched over 30 key sports and parameters that could be meta-tagged to generate bite-sized videos.
“The urgent need for a technology solution to support the post-production processes and the demand for a solution that addressed every specific pain point in scaling content production became clear to us,” added Krishna
Krishna believes that startups are the way forward for groundbreaking ideas and technologies to find a place in the enterprise world. There is tremendous scope for innovation and every new solution or idea only helps strengthen the community.
According to Forbes India, video creation and consumption space are growing at 24 per cent per annum and approximately 60 per cent of the internet users in India consume videos online.
Artificial Intelligence was a very new technology during VideoVerse’s initial days which made it tougher to convince clients and investors. However, the company has raised $46.8 million in its recent Series B funding.
“There was a lot of ambiguity around the impact of AI and often the change from traditional methods to new age technology faces natural resistance. The challenge on hand was augmenting the existing awareness and educating end-users while ensuring that we had a seamless solution that did not disrupt the workflow,” commented Krishna.
Videoverse and its distinct cloud-agnostic products use artificial intelligence (AI) and machine learning (ML) technology to revolutionize how content is refined and consumed. As far as specific stacks go:
For Magnifi, the key technologies used are face and image recognition, vision models, optical character recognition, audio detection and NLP. Styck and Illusto both use full-stack applications (MERN [Mongo, Express, React, Node]).
“Easy access to video editing platforms that offer state-of-the-art, next-generation solutions is the need of the hour. Being cloud-agnostic and powered by AI and ML all our platforms have a great user interface that allows anyone to master the art of video creation. There is a growing need for social-optimized content and our products are geared towards providing that with one-click solutions,” added Krishna.
The company’s focus is to strengthen the team, further enhance the product features and offer a complete holistic solution to its clients for all their video editing needs. VideoVerse has offices in the U.S., Europe, Israel, and India and is expanding to new markets like Singapore and the Middle East.