VideoVerse, Backed by Alpha Wave, Acquires Reely.AI
- ByStartupStory | April 13, 2023
VideoVerse, a Software-as-a-Service (SaaS) based video editing platform, completes acquisition of Reely.ai, an AI-enabled content generation startup based in the United States. VideoVerse is backed by prominent investors including Baring Private Equity India, A91 Partners, Alpha Wave Global, Moneta Ventures, and angel investors. Formerly known as Toch.ai, VideoVerse was founded in 2016 by Vinayak Shrivastav, Saket Dandotia, and Alok Patil. The platform caters to businesses across various segments such as OTT, broadcasting, sports clubs and leagues, marketing agencies, e-gaming platforms, and more.
VideoVerse, a SaaS-based video editing platform, aims for growth and enhanced customer service in the gaming and esports segment through its recent acquisition of Reely.ai, an AI-enabled content generation startup. The transaction amount remains undisclosed. In April last year, VideoVerse raised $46.8 Mn in Series B funding from A91 Partners, Alpha Wave Global, and Binny Bansal. The integration of Reely.ai’s AI capabilities will enable VideoVerse to identify highlights and key moments during games, simplifying the creation of highlight videos for creators across different social media channels.
According to its website, Reely.ai offers technologies that assist sports teams, content creators, and esports organizations in optimizing content for social media audiences in real-time. Additionally, Reely.ai creates new workflows for content production, brand marketing, and monetization. Since its launch, Reely.ai has raised a total of $1 Mn in funding from investors such as Stadia Ventures, Sandy Khaund (general partner of Mindspring Capital), and the founder of two other startups – Macrodemic and Credenza.
In regards to the acquisition, Vinayak Shrivastav, founder of VideoVerse, commented, “This acquisition is a strategic step towards expanding our offerings and delivering enhanced solutions to our customers in the gaming industry.” He further expressed confidence in the expertise and technology of the Reely.ai team, stating that it will be instrumental in driving innovation in the video creation and distribution landscape. Daniel Evans, CEO of Reely.ai, added, “VideoVerse’s comprehensive expertise in short-form video creation and distribution, combined with the latest AI and ML technology, pairs perfectly with our real-time gaming solutions.” He emphasized that the acquisition will enable both companies to bring innovation to the video content creation process.
The content generation market is experiencing significant growth as content becomes increasingly prevalent across industries. Recently, meme marketing startup Wubba Lubba Dub Dub (WLDD) secured $1.25 million in seed funding from Negen Capital, adding to the momentum of investments in content-focused startups. In addition, MemeChat launched The Meme Club in January 2022, while Content Engineers, a film and digital studio startup, raised $50 million during the same period. According to a 2022 report by EY, the media and entertainment sector is projected to achieve a Compound Annual Growth Rate (CAGR) of 11% and reach INR 2.32 trillion ($30.9 billion) by 2024.
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