VideoVerse, a video-editing SaaS platform formerly known as Toch.ai, has scooped up $45 million in a new round from Bluestone Equity Partners, a global private equity firm focused on the sports, media and entertainment industry.
In April 2022, VideoVerse raised $46.8 million in a Series B round led by A91 Partners, Alpha Wave Global and Binny Bansal and raised $12 million Series A round in October 2021.
According to a BusinessInsider report, VideoVerse plans to use the fresh funding to expand geographically and to new verticals.
VideoVerse’s SaaS platform leverages artificial intelligence models, computer vision, and machine learning to transform full-length video footage into short-form content and highlights in real-time. The company’s flagship product, Magnifi, streamlines traditional labor, time, and cost-intensive editing processes through cloud-based analysis.
It serves enterprises across numerous industries – OTT players, broadcasters, sports clubs and leagues, marketing agencies, e-gaming platforms, schools, and colleges.
Headquartered in California and Mumbai, VideoVerse works with top-tier sports leagues & teams, broadcast networks, and content producers, such as UEFA Champions League, FA Cup, Bundesliga, Australian Open, U.S. Open, Wimbledon, NCAA Basketball, and Indian Premier League (IPL), among others.
Last year, the Vinayak Shrivastav-led company also announced a couple of acquisitions including Optikka and Reely.ai.
VideoVerse was in pre-revenue stage until FY22 and reported operating revenue of only Rs 17 lakh in India, according to startup data intelligence platform TheKredible. The company is yet to file its FY23 financial statements.
VideoVerse marks the third investment for Bluestone Equity from its inaugural $300 million fund launched during the first quarter of 2023. RWS Global and PMY Group are the other two investments made by Bluestone this year.