Captions Raises $60M in Series C Funding to Invest in Generative Video Research
QUICK TAKE
- Captions is a generative video creation and editing platform that transforms the creative process through AI.
- The New York-based company has raised $60 million in Series C funding, bringing total capital raised to $100 million and its valuation to $500 million.
- Co-founder and CEO Gaurav Misra says the funds will be used to advance the company’s research of generative video technology, with plans to invest $100 million in AI video research.
- “We believe that New York is quickly emerging as the epicenter for AI, and look forward to expanding our team here and furthering our mission of democratizing video creation,” Gaurav said.
- Index Ventures led the round with participation from Kleiner Perkins, Andreessen Horowitz, Sequoia, Adobe Ventures, HubSpot Ventures, and Jared Leto.
INDEX PERSPECTIVE
By Damir Becirovic, Partner at Index Ventures
Storytelling is humanity's most powerful trait and video is one of the most compelling ways we bring these stories to life. But the process of producing and editing can be extremely prohibitive in terms of cost, time and the skills required. Through its AI-enabled platform, Captions is unlocking the opportunity video offers to create and connect, allowing anyone to tell their stories in ways that were previously unimaginable for many.
Captions co-founder Gaurav Misra first experienced the power of short-form video while he was at Snap. As head of design engineering, he spent five years shaping a product that hundreds of millions of people use to tell stories daily. The experience led him to launch Captions in 2021 to enable users to create the best video content possible.
With a laser focus on video creation and the opportunities AI can unlock in the space, we expect Gaurav and his team will continue developing increasingly cutting-edge tools and technology for content creation. By allowing anyone to produce studio-grade video, choose whether to put themselves or an avatar in front of the camera or instantly edit footage with a tap of a button, Captions is breaking down the barriers to great storytelling and unleashing a new wave of creativity. We’re excited to support them in this journey.
THE DETAILS
Today, even a podcaster is expected to release a video of their show. From marketing to content creators, video has emerged as the dominant medium for creative expression and outreach. In the early days of YouTube content creation, low-fi, grainy video shot on digital cameras and webcams was the accepted norm, but as our lives have increasingly moved online, expectations around quality have grown, and with this, so have the barriers to entry. The result is an almost backslide in the digital democratization of content creation.
Captions is reversing this trend. A comprehensive creative studio inside a single platform, it uses the power of AI so that anyone can easily create a studio-grade video, in as little as a few clicks. Captions offers hyperrealistic digital avatars, video editing, instant dubbing, audio correction, and intelligent captioning to streamline the entire creative process.
Now, the company has announced $60 million in Series C funding. The investment will be used to grow its machine learning team, invest further in in-house research efforts and technical infrastructure, and continue pioneering breakthroughs in video technology.
“We’re excited to share our plan to invest $100M into advancing generative video research from New York City,” said Gaurav Misra, co-founder and CEO of Captions. “We believe that New York is quickly emerging as the epicenter for AI, and look forward to expanding our team here and furthering our mission of democratizing video creation, so that anyone can effectively share their stories or ideas. We’re grateful for the continued support from our investors and community, and excited for our next chapter.”
In recent months, the company has launched proprietary generative technology including AI Creator, the first-of-its-kind 3D avatar designed for content creation, AI Edit, a tool that offers the ability to fully edit a video with one tap, and Lipdub, a groundbreaking model that generates natural lip movement and body language. Introducing these features has led to exceptional growth for Captions over the past year – including more than 10 million downloads for mobile alone.
“In the past year, the company’s breakthroughs in video generation haven’t just had an impact on the company’s success, but the AI community at large, further cementing Captions as a market leader,” explains Damir Becirovic, Partner at Index Ventures.
The Series C round led by Index Ventures brings the total capital raised by Captions to $100 million and values the company at $500 million. Returning investors include Kleiner Perkins, Sequoia Capital and Andreessen Horowitz, while new investors include HubSpot Ventures, Adobe Ventures, and Jared Leto.
Published — July 9, 2024
