VideoVerse was started to use artificial intelligence to make exciting content and to make video editing easy and democratic for everyone. In 2016, Saket Dandotia, Alok Patil, and Vinayak Shrivastav got together to start the company.
The three people wanted to make a technology that would shake up the content business. They came up with Magnifi as a solution. Magnifi, along with Sytck and Illusto, is part of VideoVerse’s ecosystem.
“We really think that technology should help all content creators get the most out of their investments by not only helping them tell better stories but also by making it easier for them to reach more people and make things work better. We are always coming up with new ideas to meet the needs of our customers and the needs of our industry “said Meghna Krishna, CRO, VideoVerse.
The company did surveys of the market and research to narrow down the exact problems it was trying to solve. The plan was to build a platform that could be changed and adjusted to fit every part of the production process and every client’s needs. AI and ML were used to help the company build its platform. It helped make sure the application was accurate and worked well. VideoVerse’s first subject was sports, and the team looked into more than 30 key sports and parameters that could be meta-tagged to make short videos.
“The urgent need for a technology solution to support post-production processes and the need for a solution that addressed every specific pain point in scaling content production became clear to us,” said Krishna.
Krishna thinks that startups are the best way for new ideas and technologies to make it into the business world. There is a lot of room for new ideas and solutions, and each one makes the community stronger.
Forbes India says that the space for making and watching videos is growing at a rate of 24% per year, and that about 60% of Indian internet users watch videos online.
During the early days of VideoVerse, AI was a very new technology, which made it harder to convince clients and investors. But the company’s recent Series B funding brought in $46.8 million.
“There was a lot of uncertainty about what AI would do, and people are often resistant to switching from old ways to new ones. The challenge was to raise people’s awareness and educate end-users while making sure we had a solution that worked well and didn’t mess up the workflow “Krishna said something.
Artificial intelligence (AI) and machine learning (ML) technology are used by Videoverse and its different cloud-agnostic products to change how content is refined and used. In terms of certain stacks:
Face and image recognition, vision models, optical character recognition, audio detection, and natural language processing (NLP) are the main technologies that Magnifi uses. Full-stack apps are used by both Styck and Illusto (MERN [Mongo, Express, React, Node]).
“The need of the hour is easy to access to platforms for editing videos that offer cutting-edge, next-generation tools. All of our platforms are cloud-agnostic and run on AI and ML. They also have a great user interface that makes it easy for anyone to learn how to make videos. The need for socially-optimized content is on the rise, and our products are designed to meet that need with one-click solutions “added Krishna.
The company’s main goals are to build up its team, improve its products, and give all of its clients a single solution for all of their video editing needs. VideoVerse has offices in the U.S., Europe, Israel, and India, and it is growing into new markets like Singapore and the Middle East.