AI startup Rephrase.ai has raised $10.6 million in a Series A funding round led by Red Ventures, Silver Lake and 8VC have also joined the round.
The fresh capital is used 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.
Ashray Malhotra, CEO and co-founder, Rephrase.ai said, “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. 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,”.
Carlos Angrisano, president at Red Ventures said, “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 Rephrase.ai’ leadership and talent bench, which is a tremendous competitive advantage in such a nascent field.”
Founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, At Rephrase, we build generative AI tools to ease video creation. We are building a tool that can take any piece of text and create a video of a person speaking that text. This can be used by HR to create training videos, personalizing videos for sales and marketing, and A/B testing digital ads to increase marketing ROI among other applications.
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