Video-editing platform VideoVerse, a portfolio company of Folsom-based venture capital firm Moneta Ventures, has reportedly raised $45 million from a New York venture capital firm focused on investing in technology for sports, media and entertainment.
Bluestone Equity Partners announced a growth investment into VideoVerse at the end of last year.
“Bluestone invests growth funding into sports and entertainment companies, so it’s a perfect match,” Sabya Das, VideoVerse president and chief operating officer, told the Business Journal.
VideoVerse's primary team is based in Mumbai, and, since the fall, it has had its U.S. offices in 400 Capitol Mall in Downtown Sacramento.
The Sacramento office has five people now, and it will be doubling this year, Das said. The Sacramento office works on the North American market in operations, strategy and partnerships with sports and media, Das said.
Das was formerly an associate partner with Moneta Ventures, which in 2021 invested $11.7 million in an early funding round into VideoVerse. At that point, Das joined the VideoVerse board of directors.
In May 2022, VideoVerse raised a $46.8 million round of financing led by India-based A91 Partners, New York-based Alpha Wave Global LP and Indian internet billionaire Binny Bansal.
Bluestone didn't respond to requests for comment from the Business Journal, but the venture capital firm posted a story from Business Insider on its site that valued the growth capital investment at $45 million. Das said he couldn't disclose the amount of the investment.
The investment into VideoVerse by Bluestone was a single investment, and not a new funding round into the company, said Brooke VanSant, an associate with Moneta Ventures.
Bluestone was founded a year ago by Bobby Sharma, who is also its managing partner. Sharma is an attorney and investor with broad experience in the business of sports. He sits on the boards of the U.S. Tennis Association and USA Archery. He was previously on the board of Soccerex, an international organizer of soccer business conferences., and for a decade he was general counsel for the NBA Development League.
“The demand for intelligent software automation of short-form content and highlights is growing exponentially,” said Sharma, in a news release. “The applications for VideoVerse’s technology are limitless, extending across sports, media and entertainment, and into other industries, such as education and security.”
VideoVerse’s Magnifi AI platform uses artificial intelligence and machine learning to quickly edit and transform full-length video footage into short-form content and highlights, and then quickly turn those into short-form videos shareable on 30 platforms. Its customers include content producers, event organizers and sports teams and players.
VideoVerse works with sports leagues and teams, broadcast networks and content producers, including the UEFA Champions League, FA Cup, Bundesliga, Australian Open, U.S. Open, Wimbledon, NCAA Basketball, Indian Premier League, Women's Premier League and NCAA Basketball, along with collegiate sports programs and athletic conferences in the U.S., Bluestone said.
“Today, rights-holders and content creators sit on mountains of raw content, and consumers want the ability to watch short-form content and highlights as soon as a play is over, or when news breaks,” Sharma said. “VideoVerse meets this demand in terms of quality and efficiency, unlike any other company in the marketplace.”
