SaaS startup VideoVerse, which provides a video editing platform, has acquired AI-powered design system Optikka for an undisclosed amount. The acquisition is aimed at expanding media, design, and publishing capabilities within VideoVerse’s real-time content automation platform, Magnifi.ai.
As part of the acquisition, VideoVerse has hired Optikka’s founder and creative technologist Charles Duncan and creative strategist Nick Arciero, both of whom have worked across multiple Disney business divisions.
Commenting on the development, VideoVerse’s chief strategy officer Prateek Sharma said, “This is the first step in evolving Magnifi from a point solution to a post-production automation platform. We’re looking forward to bringing the power of Optikka to our clients across all verticals.”
VideoVerse said in a statement that it aims to leverage the rapidly advancing machine learning-based Magnifi to allow customers to transform thousands of assets into fully designed, consumer-ready highlights and narrative-based packages.
Formerly known as Toch.ai, VideoVerse was founded by Vinayak Shrivastav, Saket Dandotia, and Alok Patil in 2016. It started its business by generating instant key moments and auto short-sized clips leveraging computer vision and AI capabilities. Today, it caters to the needs of OTT, broadcasting, sports clubs and leagues, marketing agencies, e-gaming platforms, among others.
Meanwhile, Optikka, founded by Charles Duncan, was originally developed to create images for the visually impaired. Now, it offers AI-assisted design with creative coding and generative art.
Optikka works across video, broadcast, XR, and metaverse platforms. It claims to be capable of helping IP owners distribute and monetise cultural events within minutes, from news to entertainment and sports content.
This is the second acquisition by VideoVerse this year. Earlier, it acquired US-based content generation startup Reely.ai.
The two acquisitions come a year after VideoVerse secured $46.8 Mn from A91 Partners, Alpha Wave Global, and Flipkart cofounder Binny Bansal.
In recent times, the startups in the content space have been seeing a lot of activities. Recently, Pep raised $2.5 Mn in its seed funding round from venture capital firm India Quotient.
Prior to that, digital content startup Knocksense secured funding from singer Lucky Ali to expedite its expansion plans, reach more cities and foster connections with diverse communities across India.
The post Binny Bansal-Backed VideoVerse Acquires AI-Powered Graphics Engine Optikka appeared first on Inc42 Media.
