Video creation platform InVideo on Tuesday said it hasraised $15 million (approximately Rs 110.6 crore) in a Series A funding roundled by Sequoia Capital India.
The round also includes participation from Tiger Global,Hummingbird, RTP Global and Base, the company said.
InVideo offers video creation experience for amateurs andprofessionals alike.
The platform combines video editing and compositing in abrowser first solution to increase accessibility.
InVideo said that the funding will help accelerate productdevelopment and build its collaborative, cross device video creation suite.
"Making professional quality videos is hard. InVideo isset to change that. We have a single goal: to replace the current crop ofcumbersome and expensive video editing software with an intelligent, yetflexible platform," Sanket Shah, CEO and co-founder of InVideo, said in astatement.
"InVideo cuts the time to create a professional qualityvideo by over 90 per cent, and allows the creator to focus on impact andmessage," Shah said.
InVideo was launched in April 2019 by Shah and HarshVakharia who first worked together at a startup that created 10-minute videosummaries of nonfiction books and have also spent time building an enterprisegrade video creation suite for newsrooms.
"This fresh capital injection will allow us to continueour mission to build a world-class technology solution, expand at scale andhelp more individuals and businesses create unique videos that fit their needsin the easiest way possible," Shah said.
Since launching a year ago, the platform has over 8 lakhusers from more than 150 countries who have created videos in over 75languages, the company claimed.
"We believe the global SaaS (software-as-a-service)companies of tomorrow are going to be built from India. And with their stellarproduct, design and tech capabilities, InVideo is well-placed to become theplatform of choice for video creation in a potentially $10 billionmarket," said Prateek Sharma, Vice President, Sequoia Capital India.