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Video-editing SaaS startup VideoVerse (formerly known as Toch.ai) on Wednesday announced that it has raised $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global, and Binny Bansal, former co-founder of Flipkart and currently an investor in the company.

Other investors who participated in the round include Stride Ventures, Innoven Capital, and Pacific Western Bank, amongs others.

As per the official release, the capital raised will be used to strengthen its teams in India and internationally, enhance VideoVerse technology, build newer products and expand its global market share. 

Vinayak Shrivastav, Co-founder and CEO, VideoVerse, said,

“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. We 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.”

Founded in 2016 by Vinayak Shrivastav, Saket Dandotia, and Alok Patil, VideoVerse uses artificial intelligence technology to process video content including live sporting events, television shows, or library-based content, automatically and instantly. It has created radical machine learning algorithms and a holistic video technology ecosystem that delivers dynamic video content in engaging and cost-efficient, easy to use formats.

The startup’s AI-powered flagship product Magnifi provides real-time video highlight technology for sports, entertainment, and news. Its Styck platform enables creators to live-stream simultaneously across multiple social media platforms. Its web-based studio editor – VideoVerse’s Illusto works as an intuitive tool to help users create videos on the go.leader.

VideoVerse today has offices in the US, Europe, Israel, and India, and is expanding to Singapore and the Middle East by the end of this year.

Gautam Mago, General Partner at A91 Partners, said,

“Video is still a complex technology that involves large files and a lot of computing. VideoVerse is revolutionising 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.”

In October 2021, the company had raised $11.75 million in Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal, and Ventureast, among others.

“What we liked about VideoVerse was that it provided a clear quantifiable value proposition to its users – reducing time to edit by 95 percent, reducing manpower costs by less than half and driving higher engagement upto 2-3x. The team was the other needle moving factor for us,” added Kanishk Tyagi, Investor, from Alpha Wave Global.