Rephrase.ai, an Artificial intelligence (AI) startup, said it has raised $10.6 million in funding led by Red Ventures.
Existing investor Silver Lake also participated in the round along with 8VC and other investors.
The startup will use the funds to enhance its capabilities by integrating product experiences; scaling hiring across the business, including within the engineering, AI, product, sales, and marketing teams; and expanding its presence in North America.
Rephrase.ai aims to democratize video, making high-quality video creation capabilities available to companies of all sizes across all industries.
Rephrase.ai uses deep learning to create digital avatars of actual humans that can be used for synthetic video content with only text as input.
According to the company, the goal is to build an engine that can create professional quality videos.
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