VideoVerse (previously Toch.ai), a New York-based video-editing SAAS platform provider, has secured $46.8 million in Series B investment. A91 Partners, Alpha Wave Global, and Binny Bansal led the round, which also included Innoven Capital, Pacific Western Bank, and Stride Ventures. Stride Ventures, Innoven Capital, and Pacific Western Bank are among the other investors. The funds received will be utilised to strengthen the company’s teams in India and worldwide, improve VideoVerse technology, develop new products, and increase its global ddmarket share.
Videoverse CEO and Co-founder Vinayak Shrivastav expressed his excitement, “We are thrilled to reveal our rebrand and a new round of significant funding as we move forward in 2022. The new name more accurately reflects our leadership position as the go-to partner when enterprises and consumers think about video, which is critical as we join hands with A91 Partners and Alpha Wave Global. As we chart out the next phase of our growth journey, these funds will help us in our mission to innovate on behalf of consumer needs and industry demands. I along with my other co-founder Saket Dandotia and Alok Patil, believe that VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry and we are excited to see how we can evolve and get better as we grow bigger.”
The company received Series A funding in October 2021 from Moneta Ventures, Baring Private Equity India, Binny Bansal, and Ventureast, among others. Since then, VideoVerse’s revenue has multiplied while the company has built a strong U.S. tech and sales team as well as an Israeli data science and machine learning team.
“Video creation and consumption will continue to see explosive growth, whether it is the latest binge-worthy web series, corporate branding video, sports content or short social video,” says Gautam Mago, General Partner at A91 Partners. “Despite this massive growth, however, video is still a complex technology that involves large files and a lot of computing. VideoVerse is revolutionizing expensive and time-consuming legacy processes by driving video editing to the cloud age. The company has a strong presence in Indian and global markets and is poised to become a significant market leader. We are delighted to partner with them and support their vision.”
“What we liked about VideoVerse was that it provided 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 upto 2-3x. The team was the other needle moving factor for us. Vinayak and his team have a very customer centric approach along with the great execution ability and we are happy to be partnering with him for the next chapter.” added Kanishk Tyagi, Investor, from Alpha Wave Global.
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