Descript, a San Francisco, CA-based audio and video editing platform, announced that it raised $50 million in Series C funding, bringing its total raised to $100 million.
The round was led by the OpenAI Startup Fund to support and accelerate AI integration into creativity. Andreessen Horowitz, Redpoint Ventures, Spark Capital, and Daniel Gross also participated in the round.
This funding enables Descript to broaden the use of AI to combine video, images, and text into a new method of content creation.
In addition, Descript launches its product update, packed with more than 30 new visual and AI-powered editing features, the redesigned Descript promises to make editing video as easy as editing a doc or slides.
"The stage is set for video to take its place alongside text as something everyone uses to create and communicate — the only things holding it back are the tools," said Andrew Mason, CEO of Descript. "With the new Descript, we've replaced the drudgery of timeline editing with a tool that's as familiar as the word processor — so you can make, edit, and share video without breaking your creative flow."
Descript's interaction model for making video and audio content is the ideal receptacle for the coming explosion of AI-enabled content capabilities.
Company: Descript, Inc.
Raised: $50.0M
Round: Series C
Funding Month: November 2022
Lead Investors: OpenAI Startup Fund
Additional Investors: Andreessen Horowitz, Redpoint Ventures, Spark Capital, and Daniel Gross
Company Website: https://www.descript.com/
Software Category: AI-powered Video and Audio Editing
About the Company: Founded in 2017 by Groupon co-founder Andrew Mason, Descript is a new kind of video editor that's as easy as a doc. With tons of cool AI-powered features built into an intuitive interface, Descript powers YouTube and TikTok channels, top podcasts, and businesses using video for marketing, sales, internal training, and collaboration. Descript aims to make video a staple of every communicator's toolkit, alongside documents and slides.
Source: https://www.yahoo.com/lifestyle/descript-raises-50-million-series-140000165.html