Rephrase.ai Secures $10.6 Million Funding Led By Red Ventures
Rephrase.ai, a Bengaluru-based AI startup which operates in the space of synthetic media, has raised $10.6 million in a Series A round of funding led by Red Ventures.
The funding round also saw participation from Silver Lake, 8VC, and others. Rephrase.ai had earlier raised $1.5 million in a seed round from Lightspeed and AV8 Ventures.
As per the startup, the raised funds will be used to enhance its capabilities by integrating product experiences, scaling hiring across the business and expanding its presence in North America.
Rephrase.ai | Digital Avatars & Hyper-Personalized Videos
Founded by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla in 2019, Rephrase.ai is a deep learning company that creates digital avatars & hyper-personalized videos for businesses across the world.
It uses deep learning to create digital avatars of actual humans that can be used for synthetic video content with only text as input.
Speaking about the development, Ashray Malhotra, CEO and co-founder of Rephrase.ai, said,
“We started Rephrase.ai four years ago with the goal of building an engine that can make creating professional quality videos as easy as writing text. 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. Given their operational and investing experience, we could not have imagined a better set of people to help us bring this vision to life.”
Using AI, the startup helps businesses grow engagement and efficiencies around communications by increasing conversion, click-through rates (CTRs), consumption, and content adoption while reducing customer acquisition costs.
The startup aims to democratize video, making high-quality video creation capabilities available to companies of all sizes across all industries.
Rephrase.ai has worked with more than 50 global enterprises, including Castrol, Mondelez, and Xiaomi, to name a few, to deliver high-quality video creation capabilities.