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Rephrase.ai Secures $10.6 Million in Series A Funding Led by Red Ventures
SAN FRANCISCO, Sept. 15, 2022 /PRNewswire/ -- Rephrase.ai ("the Company"), a generative AI startup that aims to humanize communication through synthetic media, has raised $10.6 million in a Series A financing round. This new financing was led by Red Ventures, a global company with a diverse portfolio of brands and businesses focused on offering premium content and personalized digital experiences, including Lonely Planet, CNET, Healthline, Bankrate, The Points Guy, NextAdvisor, and more. Silver Lake, the global leader in technology investing and an investor in Red Ventures, also participated in the round, in addition to 8VC and other investors.
This investment will allow the Company to enhance its capabilities by integrating product experiences; scaling hiring across the business, including within the Engineering, AI, Product, Sales, and Marketing teams; and expanding its presence in North America. Rephrase.ai aims to democratize video, making high-quality video creation capabilities available to companies of all sizes across all industries. With video becoming the new default mode of communication, synthetic video creation capabilities empower marketing, communications, and content teams to scale and humanize their efforts. Rephrase.ai has worked with more than 50 global enterprises, including, Castrol, Mondelez, and Xiaomi to name a few, to deliver high-quality video creation capabilities. Rephrase.ai uses deep learning to create digital avatars f actual humans that can be used for synthetic video content with only text required as input. In the last year, the Company has developed numerous digital avatars of Chief Experience Officers (CXOs), influencers, and celebrities characterized by advanced facial mapping, lip synchronization, voice, and expression capabilities. Through its contributions to award-winning marketing campaigns and leading-edge synthetic product launches, Rephrase.ai helps businesses grow engagement and efficiencies around communications by increasing conversion, click-through rates (CTRs), consumption, and content adoption while reducing customer acquisition costs. As a pioneer in video generative AI technology, Rephrase.ai has ensured that technology is used safely and with consent. The "Assured by Rephrase.ai" framework is now used as a hallmark in the industry. "Given how people consume information today, scalable solutions to deliver personalized video are needed now more than ever," said Carlos Angrisano, President at Red Ventures. "With the current mass customization of video content, our big bet is on the reinvention of the video production process, and that, as a business process technology, has incredible potential. We are impressed by Rephrase.ai's leadership and talent bench, which is a tremendous competitive advantage in such a nascent field." In the last year, the team at Rephrase AI has grown from 12 to 35 people and has built a best-in-class team including researchers with experience at leading technology companies including Google, Samsung, Facebook, and Amazon. "I believe a large opportunity is Rephrase.ai's ability to provide an easy-to-use API for anyone to create videos without high labor and time requirements," said Venkatesh Seetharam, Advisor at 8VC. "Their vision has the potential to be an inflection point in the video generation process. Rephrase.ai has the potential to become the defacto generative AI platform for video and is well positioned to build an invaluable company with a similar API strategy." "We started Rephrase.ai four years ago with the goal of building an engine that can make creating professional quality videos as easy as writing text," said Ashray Malhotra, CEO and Co-founder of Rephrase.ai. "In the last year, we've developed hundreds of digital human clones, creating millions of videos during the process. I'm thrilled to welcome Red Ventures, Silver Lake, and 8VC as partners on this journey to help expedite the world's adoption of generative AI videos. Given their operational and investing experience, we could not have imagined a better set of people to help us bring this vision to life. The intent of humanizing communications is to bring the ability to communicate with people, like people." About Rephrase AI Rephrase.ai is a deep learning company that uses Artificial Intelligence (AI)to create synthetic video content. With the help of its AI technology, Rephrase.ai can clone any person to create their digital avatar. Using its re-generative AI platform, Rephrase.ai helps businesses create synthetic videos of real humans to communicate with their customers, employees, and other stakeholders with only text required as input. The Company was founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, who are IIT alumni and Forbes Asia 30 under 30. Photo: https://mma.prnewswire.com/media/1900126/Rephrase_Founders.jpg
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