Rephrase.ai, the Bengaluru-based AI-led synthetic media production startup, announced that it has raised $1.5 million in seed funding round led by Lightspeed Ventures and AV8 Ventures, according to YourStory report.
The startup will use the funding 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, India.
Speaking on the investment, Ashray Malhotra, CEO, Rephrase.ai, said, “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.”
Founded in 2018 by Ashray Malhotra, Shivam Mangla, and Nisheeth Lahoti, Rephrase.ai builds generative AI tools to ease video creation. The company is building a tool which can take any piece of text and create a video of any person speaking that text. This can be used by HR to create training videos, personalising videos for sales, making characters speak in AR/ VR, giving a face to digital assistants, A/B testing digital ads to increase marketing ROI amongst other applications.
The startup 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, including automotive, ecommerce, entertainment, financial services, and real estate. The platform enables brands to address every customer individually with video content.
Commenting on the investment, Hemant Mohapatra, Partner, Lightspeed India Partners, said, “We are already seeing companies run video-based marketing campaigns that see click-through rates of 4X over other personalised emails, but these videos are recorded individually, are expensive, and unscalable. Rephrase.ai’s platform allows companies to create millions of personalised videos using real models with just text as input.”
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