New Delhi, April 20 (SocialNews.XYZ) Video-editing SaaS platform VideoVerse on Wednesday said it has secured $46.8 million in its Series B funding that it will utilise to strengthen its team, technology and global footprint.
Previously known as Toch.ai, VideoVerse is building the next-generation video editing ecosystem addressing a broad range of use cases in the post-production process.
The funding round was led by A91 Partners, Alpha Wave Global and Binny Bansal, former co-founder of Flipkart.
"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," said Vinayak Shrivastav, CEO and co-founder, VideoVerse.
In October last year, the startup raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal and Ventureast, among others.
Since then, its revenue has grown multifold while building a strong US tech and sales team, as well as setting up a data science and machine learning team in Israel.
"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.
"What we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users -- reducing time to edit by 95 per cent, reducing manpower costs by less than half and driving higher engagement upto 2-3x," added Kanishk Tyagi, an investor from Alpha Wave Global.
Source: IANS
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