Toch.ai Raises Close to $12 Million in Series A to Transform Digital Video Content Industry
AI Solution Addresses $224B+ Digital Video Content and Digital Video Ad Industry's Biggest Pain Points: Manual Processes, Engagement and Monetization
NEW YORK and MUMBAI, India, Oct. 7, 2021 /PRNewswire/ -- Toch.ai, an AI-driven SaaS platform that is revolutionizing how some of the most respected broadcasters, entertainment companies, streaming apps, media platforms, and creators globally edit and present digital video content, today announced an $11.75 million Series A funding by Moneta Ventures, Baring Private Equity India, Binny Bansal, Saikiran Krishnamurthy, Ventureast, Huashan Capital, 9 Unicorns, Anthill Ventures, Cathexis Ventures, SOSV, Artesian and Innoven Capital backed by (Temasek and United overseas bank). The funding will be used to scale up technology infrastructure and venture expansion into global markets with specific focus on the foreign markets.
Founded in 2016 by Vinayak Shrivastav, Saket Dandotia and Alok Patil, Toch.ai's funding comes at a pivotal moment for the $224B+ digital video content and digital video advertising industry which has long been plagued with time consuming, manual processes, limited consumer engagement and low monetization.
Toch.ai uses artificial intelligence technology to process video content including live sporting events, television shows, or library-based content, automatically and instantly. Using an algorithm that automatically meta-tags images, video and text, understands the context and identifies key moments, businesses can auto-create and share customized digital video content using existing feeds, be it LIVE or recorded, and match and adapt content to meet the changing demands of consumers.
"We are helping businesses to reimagine what is possible with digital video," said Vinayak Shrivastav, co-founder and CEO of Toch.ai. "Our technology is driving revolutionary changes in the way video content is edited, presented and consumed. This enables businesses, whether it be a broadcaster, streaming service, or sports team, to offer the right dynamic video content at the right time, meeting and exceeding their customer's expectations, and growing revenue while managing risks and reducing costs."
Next journey is going to see us focusing on building an ecosystem of video tools around the company that will work towards defining itself as a global SaaS company.
Toch.ai estimates that to date, it has saved its clients nearly 900M hours of video processing time while generating 40 percent higher increase in viewers time spent watching videos and an engagement rate that is nearly 3X higher per viewer on average. The company has recorded 300% year-over-year growth in revenue, expanding the client base to more than 15 countries with 500+ active subscribers during the same period.
"We are incredibly excited to partner with Vinayak and the team at Toch.ai. This round of funding will enable the company to continue innovating on their market-leading technology, and will fund expansion into new markets across North America and globally," noted Sabya Das, Partner at Moneta Ventures. "The platform is redefining how short-form video content is created and shared with consumers. Toch is already powering several of the largest sporting events and franchises in the world, and we are thrilled to work alongside Vinayak as the company continues to rapidly scale its operations."
Arul Mehra, Partner at Baring Private Equity India, added, "We believe that AI can make a lot of difference to how content is generated and consumed. Toch.ai is equipped with top notch technology & team which is greatly contributing to the revolution seen in the video sector. Thus we see this as a huge opportunity to be a part of this change as we partner with Vinayak & the team as they chart out the journey towards becoming leaders in the video-tech space."
About Toch.ai
Toch.ai is an AI-driven platform that uses cloud-agnostic and deep learning algorithms for the automatic interpretation of content featured in videos. Their state-of-the-art technology helps to process content on the fly, including, automatically meta-tagging it, understanding the context, identifying key moments, and processing video content automatically and instantly. Through its proprietary technology Toch.ai helps its partners to drive engagements, increase interactions, and grow revenue across their video content while managing risks and reducing costs. Toch.ai caters to a vast network of broadcasters, OTT platforms, media platforms, and creators, enabling them to cater to the changing demands from the market, be it from an audience standpoint or competition. For more information visit www.toch.ai.
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