TL;DR:
- Bluestone Equity Partners has invested $45 million in VideoVerse, a company specializing in AI-powered video editing, marking Bluestone’s first foray into the SaaS sector.
- VideoVerse’s Co-founders, Saket Dandotia and Alok Patil, have left to start Onetab, a generative AI startup focusing on consolidating communication tools into a single tab.
- Onetab aims to generate $200 million in revenue over the next three years by streamlining communication and collaboration processes.
- VideoVerse’s flagship product, Magnifi, uses AI, computer vision, and machine learning to simplify video editing for sports leagues, news broadcasters, and streaming platforms.
- Bluestone Founder, Bobby Sharma, highlights the growing demand for intelligent software automation in short-form content creation.
Main AI News:
Bluestone Equity Partners, a prominent private equity firm, has recently executed a substantial growth investment in VideoVerse, the pioneering force behind Magnifi, an AI-powered video editing solution. In a transformative move, Bluestone’s strategic partnership with VideoVerse signifies a pivotal juncture in its journey toward global expansion. This alliance is set to revolutionize the media technology landscape by harnessing the boundless potential of AI.
Vinayak Shrivastav, the CEO & Co-founder of VideoVerse, enthusiastically remarked, “Our partnership with Bluestone marks an exciting phase as we forge ahead with global expansion, and driving innovation in the realm of media technology by unlocking the boundless potential of AI.”
While the exact funding amount remains undisclosed, industry reports suggest that Bluestone has channeled a substantial $45 million into VideoVerse. Notably, this investment marks a significant milestone for Bluestone as it marks its first foray into the world of Software as a Service (SaaS) companies from their $300-million fund, launched during the first quarter of 2023. This strategic investment represents Bluestone’s third financial commitment in recent times, solidifying its position as a key player in the investment landscape.
In parallel developments, Saket Dandotia and Alok Patil, the Co-founders of VideoVerse, have departed from the company to embark on a new venture called Onetab. This forward-looking startup is poised to disrupt the AI landscape with its focus on AI-based SaaS solutions. Onetab distinguishes itself with a proprietary custom LLM (large language model) that seamlessly consolidates communication tools into a single tab, with a primary goal of enhancing team interaction and productivity.
The visionary founders, along with Sonal Dandotia, have ambitious plans for Onetab, aiming to generate a staggering $200 million in revenue over the next three years. Saket Dandotia elaborated on their vision, stating, “With Onetab, we aim to streamline the communication and collaboration process by consolidating all necessary tools into a single tab. This means that developers can focus on their tasks without the hassle of switching between multiple tabs to coordinate with team members.“
He further added, “From API testing to dev ops, task management, development, and communication, Onetab promises to provide a one-stop solution, ultimately boosting productivity, minimizing errors, and reducing costs. By eliminating the need for multiple tool subscriptions throughout the development lifecycle, Onetab is set to disrupt the communication and collaboration space.”
VideoVerse’s SaaS platform leverages cutting-edge AI models, computer vision, and machine learning to revolutionize full-length video footage into real-time short-form content and highlights. Magnifi, their flagship product, streamlines the arduous editing processes for sports leagues, news and entertainment broadcasters, and streaming platforms on a global scale.
Bobby Sharma, the Founder and Managing Partner of Bluestone, emphasized the growing demand for intelligent software automation in the realm of short-form content and highlights. He stated, “The demand for intelligent software automation of short-form content and highlights is growing exponentially.”
In a significant milestone from the past year, VideoVerse successfully raised $46.8 million in Series B funding, with A91 Partners, Alpha Wave Global, and Binny Bansal, former co-founder of Flipkart, leading the investment round. Founded in 2016 and headquartered in the United States and India, VideoVerse has cultivated partnerships with top-tier sports leagues and content producers on a global scale. The company harnesses the power of artificial intelligence to autonomously process various forms of video content, catering to esteemed clients such as the UEFA Champions League, FA Cup, Bundesliga, Australian Open, US Open, and Wimbledon.
Conclusion:
Bluestone Equity Partners’ investment in VideoVerse and the launch of Onetab by VideoVerse’s Co-founders signal a significant shift in the market. This move underscores the increasing importance of AI-powered solutions in the media technology sector and the potential for disruptive innovation in communication and collaboration tools. As demand for intelligent software automation continues to rise, businesses should keep a close eye on these developments for potential opportunities and competitive advantages.
