For an unknown amount, ADOBE has purchased the Indian generative AI business Rephrase.ai. Rephrase.ai is based in Bengaluru, the country's IT capital, and provides platforms and tools for leveraging generative AI to create videos from texts
Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla founded the business in 2019, and it reportedly has over 50,000 members.
With the acquisition of Rephrase.ai, Adobe, a company well-known for editing and media tools like Photoshop, Premiere Pro, After Effects, and Lightroom, hopes to bolster its generative AI video capabilities.
The founders of Rephrase.ai will continue to collaborate closely with Adobe, and the majority of Rephrase.ai's staff will be retained by Adobe as per the conditions of the deal.
According to sources, Rephrase.ai presently employs about 45 people.
A big thank you to our team's tech and business teams for pushing the boundaries of artificial intelligence and creating a strategy for promoting generative AI in India, respectively. For the organization and for us, your commitment and diligence have been invaluable. It is only your achievement, not anyone else's. Rephrase.ai co-founder Shivam Mangla stated on X.
Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla founded the company, which has raised $13.9 million in total capital thus far. It raised $10.6 million in a fundraising round headed by Red Ventures in September of the previous year. Additional backers of the startup include Techstars, Silver Lake, Lightspeed India, and 8VC.
First published in Analytics India Magazine, the article Adobe Acquires Indian AI Video Creation Platform Rephrase.ai.
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