(IANS) Rephrase.ai, an artificial intelligence (AI)-powered synthetic media production platform and deep learning startup, has raised $1.5 million in seed funding led by LightSpeed Ventures and AV8 Ventures.
The startup was founded by three IIT graduates — Ashray Malhotra, Shivam Mangla and Nisheeth Lahoti in 2018.
Rephrase.ai was among the 10 startups that were part of the first-ever batch of TechStars India Accelerator programme in 2019.
Rephrase.ai said in a statement that it intends to use the capital to scale its AI-powered video personalisation platform, strengthen its commercial presence in North America, and expand its engineering and research teams based out of Bengaluru.
“Our goal at Rephrase.ai is to reimagine how we communicate to better match our visual culture,” said Ashray Malhotra, CEO of Rephrase.ai.
“Now, enterprises can create high-quality video content for targeted sales and marketing initiatives while saving time and money. This technology will change the way we think about video production, both for business communication today and filmmaking in the future”.
Rephrase.ai engine can generate millions of personalized videos without the production cost and effort of doing it manually in a studio.
The company said it is already seeing demand for personalised videos from digital marketing agencies and B2B SaaS enterprises for the creation of sales and marketing video content across multiple industries.
“The Rephrase.ai team is one of the most technically and creatively savvy teams out there with prior experiences at Google, Facebook, Samsung and MIT media labs and we are very excited to go on this ambitious journey with them,” said Hemant Mohapatra, Partner at Lightspeed India Partners.
Ray Newal who is Managing Director, mTechstars Bangalore Accelerator, is scouting for Indian startups focused on solutions for the North American markets.
Not only Rephrase.ai, another Bengaluru-based startup Pixxel, focused on space technology, raised $5 million in seed funding led by Blume Ventures, GrowX Ventures and Lightspeed India.
Pixxel was part of the Los Angeles-based Techstars’ programme in 2019 that focused on the next generation of space-tech companies.