Videoverse, an AI-powered video editing software, has secured $46.8 million in a Series B funding round, VentureBeat reports.

The funding round was led by A91 Partners, Alpha Wave Global and Binny Bansal, former co-founder of Flipkart, with support from Innoven Capital, Pacific Western Bank and Stride Ventures.

In today’s digital landscape, online videos have become a popular choice for content consumption, with the average person watching 2.5 hours of online video daily. As a result, digital ad spending has surpassed traditional media spending, with the global digital video content market projected to reach over $391.1 billion by 2027.

The future belongs to AI-led content production. It is the only option for anyone looking to stay ahead in the video content game.

Vinayak Shrivastav, Co-founder, VideoVerse

VideoVerse offers a software-as-a-service (SaaS) platform that leverages AI to process and enhance enterprise online video content. Founded in 2016, the company has scanned more than 12.9 million hours of video and helped save companies an estimated 1.2 billion hours of processing time. Its products have reduced time to edit by 95%, cut manpower by nearly half and resulted in two to three times higher engagement.

Videoverse’s AI algorithms automatically meta-tag images, videos, and text, providing context and identifying key moments within the content. Its flagship product, Magnifi, offers real-time video highlight technology for sports, entertainment, and news. Additionally, the Styck platform enables one-click simultaneous livestreaming across multiple social media accounts, while the Illusto web-based studio editor allows users to create videos on the go. These innovative solutions empower enterprise customers to repurpose content, increase fan engagement, and optimize monetization opportunities.

Vinayak Shrivastav, CEO and co-founder of Videoverse, emphasized the pivotal role of AI in content production and stated, “AI-led technology will dictate how companies best use their content going forward.” Shrivastav believes that embracing AI is essential for businesses to stay competitive and deliver real-time, engaging content at scale.