VideoVerse buys AI-powered social media distribution firm Reely.ai
Reely was launched in 2016 and received industry attention for its solid AI technology suited to gamers and streamers which speeds up video content production, automates the editing process, and supports in generating more engaging material.
Video-editing SaaS-based company VideoVerse which was earlier known as Toch.ai, has acquired social media distribution firm Reely.in, according to a company's statement. The deal amount was not disclosed.
This is VideoVerse's first acquisition since it started the business. The company is backed by investors like A91 Partners, Alpha Wave Global, Moneta Ventures, and Baring Private Equity India.
"This acquisition is a strategic step towards expanding our offerings and delivering enhanced solutions to our customers in the gaming industry. We are confident that the Reely team's expertise and technology will be instrumental in our continued innovation within the video creation and distribution landscape. Our team is always on the lookout for innovative companies like Reely to help our customers leverage cutting-edge technologies to create engaging content and grow their audiences," said Vinayak Shrivastav, VideoVerse CEO and co-founder on acquisition.
Reely was launched in 2016 and received industry attention for its solid AI technology suited to gamers and streamers which speeds up video content production, automates the editing process, and supports in generating more engaging material. Reely's technology can automatically identify highlights and crucial moments within a game, facilitating the creation of highlight movies and disseminating them across multiple social media channels.
"VideoVerse's comprehensive expertise in short-form video creation and distribution, combined with the latest AI and ML technology, pairs perfectly with our real-time gaming solutions. This collaboration will generate immense value for teams and content creators. AI is experiencing a significant moment, and we are eager to merge our advanced video solutions to fuel innovation in the industry," said Daniel Evans, CEO of Reely.
VideoVerse raised $46.8 million in its Series B round of funding led by A91 Partners, Alpha Wave Global, and Flipkart founder Binny Bansal in April 2022. Other investors like Stride Ventures, and Innoven Capital also took part in the round among others.
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