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.
What will be funds raised be used for?
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.
New round of 'significant' funding
“We are thrilled to reveal our rebrand and a new round of significant funding as we move forward in 2022,” says VideoVerse CEO and Co-Founder Vinayak Shrivastav. “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. Along with my Co-Founders Saket Dandotia and Alok Patil, we believe that VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry and we are excited to see how we can evolve and get better as we grow bigger.”
Series A raised in October 2021
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 in a statement.
Investors' speak
Gautam Mago, General Partner at A91 Partners, 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. VideoVerse is revolutionizing expensive and time-consuming legacy processes by driving video editing to the cloud age."
“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”, added Kanishk Tyagi, Investor, from Alpha Wave Global.
