Software-as-a-service (SaaS)- based video editing platform VideoVerse (formerly Toch.ai) has acquired artificial intelligence-backed content creation and social media distribution firm Reely for an undisclosed sum.
VideoVerse, which counts Baring Private Equity India, A91 Partners, Alpha Wave Global and Moneta Ventures among its marquee investors, seeks to boost capabilities in the gaming and e-sports sectors, in what will be its first buy since inception.
Meanwhile, Miami-based Reely, founded in 2016, leverages computer vision technology and artificial intelligence to identify, segment and rate key events (highlights) in live streaming and stored video-on-demand (VOD) content.
VideoVerse, founded by Vinayak Shrivastav, Saket Dandotia and Alok Patil, offers AI based video-editing suite for individual content creators and enterprises across industries, including video streaming players, broadcasters, sports clubs and leagues, marketing agencies and online gaming platforms.
"This acquisition is a strategic step towards expanding our offerings to our customers in the gaming industry. We are confident that the Reely team and technology will be instrumental in our innovation within the video creation and distribution landscape,” said Shrivastav in a statement.
"VideoVerse's expertise in short-form video creation and distribution, combined with the latest AI and ML technology, pairs perfectly with our real-time gaming solutions,” said Daniel Evans, chief executive officer at Reely.
In April last year, VideoVerse raised Series B funding of $46.8 million led by A91 Partners, Alpha Wave Global and Flipkart founder Binny Bansal.
The round also saw participation from Stride Ventures, Innoven Capital and Pacific Western Bank among others, the platform run by Multistream Technologies Pvt. Ltd, said in a statement on Wednesday.
Prior to that, the company launched a Rs 100 crore startup fund to invest in video and audio tech startups globally.