Rephrase.ai, an Artificial intelligence (AI) startup, said on Friday it has raised $10.6 million in funding led by Red Ventures. Existing investor Silver Lake also participated in the round along with 8VC and other investors.
The startup will use the funds to enhance its capabilities by integrating product experiences; scaling hiring across the business, including within the engineering, AI, product, sales, and marketing teams; and expanding its presence in North America.
Rephrase.ai aims to democratise video, making high-quality video creation capabilities available to companies of all sizes across all industries.
“We started Rephrase.ai four years ago with the goal of building an engine that can create professional quality videos,” said Ashray Malhotra, chief executive officer (CEO) and cofounder of Rephrase.ai. “In the last year, we’ve developed hundreds of digital human clones, creating millions of videos during the process. I’m thrilled to welcome Red Ventures, Silver Lake, and 8VC as partners on this journey to help expedite the world’s adoption of generative AI videos.”
Rephrase.ai uses deep learning to create digital avatars of actual humans that can be used for synthetic video content with only text as input.
“With the current mass customisation of video content, our bet is on the reinvention of the video production process, and that, as a business process technology, has incredible potential. We are impressed by Rephrase.ai’s leadership and talent bench, which is a tremendous competitive advantage in such a nascent field,” said Carlos Angrisano, President at Red Ventures.
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In the last year, the team at Rephrase.ai has grown from 12 to 35 people and has built a team, including researchers from Google, Samsung, Facebook, and Amazon.
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Source: https://economictimes.indiatimes.com/tech/funding/generative-ai-startup-rephrase-ai-raises-10-6-million-in-funding-led-by-red-ventures/articleshow/94242679.cms
