Captions, a New York-based startup specializing in AI-powered video editing, has secured $60 million in series C funding led by Index Ventures. The investment round, which includes participation from Adobe Ventures, HubSpot Ventures, and existing backers such as Kleiner Perkins and Andreessen Horowitz, brings Captions' valuation to $500 million.
Founded in 2021, Captions has developed a groundbreaking AI-powered creative studio that empowers users to effortlessly create and edit video content. The platform, designed for both novice creators and seasoned professionals, offers tools like automatic subtitle addition, video compression, and AI-driven corrections for enhanced video quality.
Gaurav Misra, co-founder and CEO of Captions, announced plans to invest $100 million in expanding the company's machine learning team and research efforts in New York City. He highlighted New York's emergence as a hub for AI innovation and expressed the company's commitment to democratizing video creation.
Captions' mobile app has already garnered 10 million downloads and continues to grow in popularity, supported by recent additions like the AI Creator for generating videos with AI avatars and the #AI Edit feature for streamlined video editing. The startup aims to revolutionize video creation and marketing with tools that cater to a global audience in over 20 languages.
The funding round underscores Captions' strategic positioning in the competitive landscape of AI-driven video editing, where companies like OpenAI, VisionWorks Studios, and DNEG Group are also making significant strides with advanced video generation technologies.
