Video editing SAAS platform VideoVerse (formerly known as Toch.ai) has secured $46.8 million in Series B funding led by A91 Partners, Alpha Wave Global, and Binny Bansal, who is the former co-founder of Flipkart and a current investor in the company.
Other investors include Innoven Capital, Pacific Western Bank, and Stride Ventures amongst others. The capital raised will be used to strengthen its teams in India and internationally, enhance VideoVerse technology, build newer products and expand its global market share.
“We are thrilled to reveal our rebrand and announce a new round of significant funding as we move forward in 2022. The new name more accurately reflects our leadership position as the go-to partner when enterprises and consumers think about video, which is critical as we join hands with A91 Partners and Alpha Wave Global," says VideoVerse CEO and Co-founder Vinayak Shrivastav.
"As we chart out the next phase of our growth journey, these funds will help us in our mission to innovate on behalf of consumer needs and industry demands. VideoVerse as a brand complements this larger expectation shift that is currently shaping the industry."
In October 2021, the company had raised Series A funding from Moneta Ventures, Baring Private Equity India, Binny Bansal, and Ventureast among others. Since then, VideoVerse revenue has grown significantly while building out a strong U.S. Tech and Sales team as well as setting up a data science and machine learning team in Israel.
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