A global private equity firm that specializes in the sports, media, and entertainment sectors, Bluestone Equity Partners, has invested $45 million in VideoVerse, a software as a service (SaaS) that allows users to edit videos. VideoVerse was previously known as Toch.ai.
VideoVerse led by A91 Partners, Alpha Wave Global, and Binny Bansal raised $46.8 million in a Series B round in April 2022. In October 2021, the company raised $12 million in a Series A round.
VideoVerse intends to use the additional funding to grow both geographically and into new verticals, according to a BusinessInsider report.
Using artificial intelligence models, computer vision, and machine learning, VideoVerse’s software as a service platform converts long-form video content into highlights and short-form content in real-time. Magnifi, the company’s flagship product, uses cloud-based analysis to expedite labor-intensive, time-consuming, and expensive traditional editing processes.
It provides services to businesses in a variety of sectors, including broadcasters, OTT players, marketing firms, e-gaming platforms, sports teams and leagues, educational institutions, and schools.
VideoVerse, with its headquarters located in Mumbai and California, collaborates with premier sports leagues and teams, broadcast networks, and content creators. Notable clients include the Indian Premier League (IPL), Australian Open, U.S. Open, Wimbledon, NCAA Basketball, FA Cup, and UEFA Champions League.
The Vinayak Shrivastav-led business also disclosed a couple of acquisitions last year, including Reely.ai and Optikka.
With VideoVerse, Bluestone Equity has invested three times from its first $300 million fund, which was established in the first quarter of 2023. This year, Bluestone has also invested in RWS Global and PMY Group.
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