Video-editing platform VideoVerse, a portfolio company of Folsom-based venture capital firm Moneta Ventures, has raised $46.8 million in a round of financing led by India-based A91 Partners, New York-based Alpha Wave Global and internet billionaire Binny Bansal.
VideoVerse said it will use the money to grow its platform of artificial intelligence and machine learning software that allows users to quickly make short-form video shareable across multiple platforms.
“The software allows users to identify key elements in events and make it instantly shareable,” said Sabya Das, partner with Moneta Ventures.
In October, Moneta and other funds invested $11.7 million into VideoVerse to help it grow its platform. At that point, Das joined the company’s board of directors. Moneta remains an investor in VideoVerse, said Lokesh Sikaria, founding partner of Moneta Ventures.
Moneta originally invested into the company, which at the time was called Toch.ai, after it got a referral from its broad investor network, Das told the Business Journal.
“We love their founding team,” he said. “They were profitable, and they had a lot of the checklist items we look for.”
VideoVerse software allows customers to find highlights during live broadcasts and streams, and then quickly turn those into short-form videos, which can be shared to some 30 platforms. Its customers include content producers, event organizers and sports teams and players, Das said. The technology cuts the amount of editing time needed to create highlights.
The technology addresses the interest in short-form video on the go that users seek on multiple platforms, Das said.
“VideoVerse provides a clear quantifiable value proposition to its users — reducing time to edit by 95%, reducing manpower costs by less than half and driving higher engagement up to 2-3x. This made it a perfect brand to partner with,” said Kanishk Tyagi, investor from Alpha Wave Global, in a news release.
VideoVerse's team is based in Mumbai, with its workforce dispersed globally, Das said. Its customers are global, he said. The company is incorporated as a Delaware company, which makes it U.S.-based, Sikaria said.
Last week, Moneta invested $3 million in seed funding into TruckBook, a Rocklin-based 2018 startup that supports independent owner-operators of trucking companies with a platform that also handles navigation, load-booking and payments, among other services.
