AI-powered video supporting platform vidyo.ai raises $1.1 million in seed funding
- ByStartupStory | July 15, 2022
The seed round of funding for vidyo.ai, an AI-powered video editing platform, totalled $1.1 million. Through UK-based Entrepreneur First, Upsparks VC, Sarath Sura, and PointOne Capital, the funds were raised. Ranveer Allahbadia (Beerbiceps), Rakesh Yadav (co-founder of Flobiz), Manish Pandey (author and creator evangelist), Abhishek Ponia, and a number of other well-known content creators also backed the business. According to vidyo.ai, it is actively working to address the problems and obstacles that millions of video producers and editors encounter worldwide.
According to Vivek Kumar, funding manager for Entrepreneur First India, “Entrepreneur First is devoted to partnering with great founders who are addressing and solving difficult problems with a global prospect.” The founders of Vidyo.ai crossed paths in our program and since then, they have continuously demonstrated their right to win,” he continued.
According to the firm, the funds will be primarily utilised to recruit senior and mid-level engineers and attract tech talent in order to assemble a strong team. Additionally, the money will be wisely used for product development and the creation of new AI algorithms for automating social media video editing.
Around 15 to 20 hours are invested in creating each 10-minute YouTube video, which is then edited, captioned, and posted on social media. These 15-20 hours might possibly be condensed into less than two hours using our programme. According to Vedant Maheshwari, co-founder and CEO of vidyo.ai, “there is a huge need to construct the contemporary infrastructure stack for video creators that saves them both time and money with the number of creators expanding internationally.
The market for creating content is expanding at an astonishing rate every day. There are more than 80 million content producers in India. Trends estimate that more than 500 hours of video footage are uploaded to YouTube every single minute, according to a 2022 Oxford Economics study. With an infusion of Rs 6,800 crore in 2020, social media and digital content creators made significant contributions to the Indian economy.
Due to the industry’s intense competition, creating content and editing videos has grown to be a laborious, time-consuming operation that requires numerous personnel and expensive software. The goal of vidyo.ai is to develop an AI-powered tool that will assist content creators in editing and publishing their work at a much faster rate while guaranteeing a time savings of more than 80%. The company’s goal is to assist video creators in growing more quickly and focusing on what “truly” matters to them—producing more content.
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