VideoVerse, the company behind AI-powered video editing solution Magnifi, has secured significant investment from global private equity company, Bluestone Equity Partners.
While an official figure hasn’t been announced, a source familiar with the investment has suggested it is around $45 million.
VideoVerse works with a number of top-tier sports leagues and teams, broadcast networks, and content producers, including UEFA Champions League, FA Cup, Bundesliga, Wimbledon, and Women’s Premier League (WPL).
“With media companies and streamers now producing millions of hours of video every minute, demand for curated content has skyrocketed,” said Vinayak Shrivastav, VideoVerse CEO and co-founder.
“Our partnership with Bluestone marks an exciting phase as we forge ahead with global expansion, and driving innovation in the realm of media technology by unlocking the boundless potential of AI.”
Bobby Sharma, Bluestone’s founder and managing partner, added: “The demand for intelligent software automation of short-form content and highlights is growing exponentially. The applications for VideoVerse’s technology are limitless, extending across sports, media and entertainment, and into other industries, such as education and security.
“Today, rights-holders and content creators sit on mountains of raw content, and consumers want the ability to watch short-form content and highlights as soon as a play is over, or when news breaks. With Magnifi’s market-leading AI technology and a suite of supporting SaaS technologies, VideoVerse meets this demand in terms of quality and efficiency, unlike any other company in the marketplace. We’re excited to help VideoVerse take the next step on its journey to revolutionize the curation and monetisation of next generation video and media.”
