VideoVerse - a video-editing SAAS platform formerly known as Toch.ai - announced today that it has secured $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global and Binny Bansal, who is former co-founder Flipkart and a current investor in the company. Other investors include Stride Ventures, Innoven Capital, and Pacific Western Bank amongst others.
The capital raised will be used to strengthen its teams in India and internationally, enhance VideoVerse technology, build newer products and expand its global market share, it said in an official statement.
VideoVerse CEO and Co-Founder Vinayak Shrivastav said, “The new name more accurately reflects our leadership position as the go-to partner when enterprises and consumers think about video, which is critical as we join hands with A91 Partners and Alpha Wave Global. As we chart out the next phase of our growth journey, these funds will help us in our mission to innovate on behalf of consumer needs and industry demands.”
In October 2021, the company had raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast among others. Since then, VideoVerse revenue has grown multifold while building out a strong US Tech and Sales team as well as setting up a data science and machine learning team in Israel, it said
“Video creation and consumption will continue to see explosive growth, whether it is the latest binge-worthy web series, corporate branding video, sports content or short social video,” says Gautam Mago, General Partner at A91 Partners. “Despite this massive growth, however, video is still a complex technology that involves large files and a lot of computing."
Kanishk Tyagi, investor from Alpha Wave Global, said, “What we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users - reducing time to edit by 95 percent, reducing manpower costs by less than half and driving higher engagement upto 2-3x. The team was the other needle moving factor for us.”