VideoVerse, a software-as-a-service video editing platform, has raised a fresh round of growth capital from New York-based private equity firm Bluestone Equity Partners.
Bluestone, which focuses on sports, media and entertainment sectors, invested in VideoVerse from its maiden fund.
This is Bluestone’s third investment from its debut $300 million fund, which launched in the first quarter of 2023. It previously invested in PMY Group, an international venue, events and infrastructure technology solutions firm; and RWS Global, a provider of live shows.
Bluestone didn’t specify the amount it invested in a press statement, but Business Insider pegged it at $45 million.
"Our partnership with Bluestone marks an exciting phase as we forge ahead with global expansion, driving innovation in the realm of media technology by unlocking the boundless potential of AI, " said Vinayak Shrivastav, chief executive and co-founder, VideoVerse.
The development comes about a year and a half after VideoVerse raised $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global and Flipkart co-founder Binny Bansal. It previously mopped up $11.7 million in Series A funding from Moneta Ventures, Baring Private Equity India, Bansal and VenturEast in October 2021.
Previously known as Toch.ai, the startup was founded in 2016 by Shrivastav, Saket Dandotiya, and Alok Patil.
In 2022, the company made two acquisitions. It bought AI-based design system Optikka in October to expand its media, design, and publishing capabilities for sports, news, and entertainment within its real-time content automation platform Magnifi.ai. Previously, it bought Reely.ai, an AI-based content creation and social media distribution company, in April.
VideoVerse offers an 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. These include the UEFA Champions League, FA Cup, Australian Open, US Open, Wimbledon, Indian Premier League (IPL), Women's Premier League, and various US sports programs at major universities and athletic conferences.
“The demand for intelligent software automation of short-form content and highlights is growing exponentially,” said Bobby Sharma, Bluestone’s founder and managing partner. Sharma will join VideoVerse’s board as part of the deal.
“The applications for VideoVerse’s technology extend across sports, media and entertainment, and into other industries, such as education and security,” he added.