Lightspeed Ventures-backed Rephrase.ai, an artificial intelligence startup that improves communication through synthetic media, raised $10.6 million as part of its Series A funding round.
Rephrase.ai said in a September 15 statement that the round was led by Red Ventures, a global venture capital firm that has invested in several content companies that also participated in this round. 8VC Ventures and other investors also participated in the round, the company said, without disclosing the names of the other investors.
The company said the funding would help Rephrase.ai enhance its capabilities by integrating product experiences. The company said that Rephrase.ai will also hire across departments, including engineering, artificial intelligence, product, sales and marketing. It will also expand its operations in North America.
By IIT alumni Ashray Malhotra, Nisheeth Lahoti and Shivam Mangla, Rephrase.ai provides a product for the democratisation of video by delivering video creation capabilities to companies of all sizes in all industries. The company uses deep learning to create digital avatars of real people that can be used for synthetic video content that takes only text as input.
The company said the synthetic video creation capability strengthens marketing, communications and content teams to improve their synergies.
Rephrase.ai claims to have cooperated with more than 50 companies around the world, including Castrol, Mondelez, Xiaomi, etc, to provide video creation capabilities. The company said it also powered a Mondelez International ad featuring Hindi movie star Shah Rukh Khan.