AI-powered video editing platform vidyo.ai has raised $1.1 million as a part of its seed round. The funds have been raised through UK-based Entrepreneur First, Upsparks VC, Sarath Sura, and PointOne Capital. The company is also backed by renowned content creators Ranveer Allahbadia (Beerbiceps), Rakesh Yadav (co-founder Flobiz), Manish Pandey (author and creator evangelist), Abhishek Ponia and several more. vidyo.ai claims to work extensively to solve the challenges and hiccups faced by millions of video creators and editors across the globe. Entrepreneur First is committed to partnering with stellar founders who are solving hard problems with a global prospect, Vivek Kumar, funding manager, Entrepreneur First India, stated. “vidyo.ai’s founders crossed paths in our program and ever since then, they have proven their right to win repeatedly,” he added.
As per the company, the funds will primarily be used to attract tech talent and hire senior and mid-level engineers to build a robust team. The funds will also be strategically utilised for product development and to build new AI algorithms to automate video edits for social media. “For every 10-minute of videos we see on YouTube, close to 15-20 hours are spent ideating, editing, captioning and distributing the videos across social media. Our software can potentially reduce these 15-20 hours to less than two hours. With the number of creators increasing globally, there is a massive need to build the modern infrastructure stack for video creators that saves them both time and money,” Vedant Maheshwari, co-founder and CEO, vidyo.ai, said.
Content creation as an industry is thriving at an exceeding rate with every passing day. India has more than 80 million content creators. As per an Oxford Economics study of 2022, trends suggest that over 500 hours of video content is uploaded onto YouTube every single minute. In 2020, social media and digital content creators contributed to the Indian economy massively with an influx of Rs 6,800 crore. Owing to the industry’s competitiveness, content creation and video editing have become a long, time-consuming, tedious process involving multiple people and expensive softwares. vidyo.ai aims to build an AI-powered tool which would help creators edit and publish their content at a much faster pace ensuring they are saving more than 80% of time spent on editing and social media publishing and analytics. The company’s mission is to help video creators grow faster and focus on what “really” matters to them – creating more content.
“vidyo.ai is solving a key problem in a very large creator market. The team’s razor sharp focus to empower creators is truly admirable and we believe that the team has the potential to take this to the global podcaster community and beyond,” Mohamad Faraz, founding partner, Upsparks VC, said.