AI communication startup Rephrase.ai raises $10.6 million in funding led by Red Ventures
- ByStartupStory | September 16, 2022
, Bengaluru-based AI startup which operates in the space of synthetic media, has raised $10.6 million in a Series A funding round led by Red Ventures. Apart from this, Silver Lake, global technology Venture Capital, 8VC, along with other angel investors, participated in the funding round.
Rephrase.ai states that they are going to utilise the funds in the integration of product experiences, hiring team members for various departments, including AI, Product, sales and marketing. Also, the company will be expanding its base to North America.
The startup was founded in the year 2019 by IIT alumni Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangala. Rephrase.ai focuses on video creation by enabling video capabilities for industries of all sizes. Moreover, with the help of Deep learning, the startup is creating digital avatars giving them a human touch which can later be used for synthetic video content.
“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,” said Ashray Malhotra, CEO and Co-founder of Rephrase.ai.
Carlos Angrisano, president at Red Ventures added, “With the current mass customization of video content, our big bet is on the reinvention of the video production process, and that, as a business process technology, has incredible potential. We are impressed Rephrase.ai’sdership and talent bench, which is a tremendous competitive advantage in such a nascent field.”
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