Wisecut, a Miami, FL-based AI-powered video editing platform, has secured $1 million in funding from Silicon Valley investor Tim Draper.
The company plans to use the funding to implement generative AI technology for summarizing audiovisual content and improving video editing processes. The company said it will incorporate OpenAI’s GPT-4 technology to create thematic snippets from lengthy videos.
“We’re integrating generative AI on our platform so that Wisecut can analyze a one-hour video clip and condense it to just 1 minute of the most insightful content,” Ivo Machado, CEO and co-founder of Wisecut, said in an interview with VentureBeat. “Upon receiving an initial prompt from the user, it will automatically segment the content into specialized short clips and offer suggestions for titles, descriptions, and more.”
The upcoming platform upgrade will utilize gen AI algorithms to gain context from source videos, transcribe audio content, perform semantic analysis, and develop emotion recognition technology. This will enable optimized editing decisions, visual composition, and generation of titles and descriptions for social media.
A portion of the funding will be used to improve the underlying AI algorithms and machine learning (ML) models and recruit experienced AI researchers and data scientists to refine existing models and introduce new-gen AI features.
Wisecut aims to streamline video editing for businesses, assist educational institutions in online classes, and help content creators produce engaging and concise videos. Wisecut asserts that it currently has 350,000 registered users and experiences a monthly influx of over 50,000 new users, with a staggering 500% growth recorded in January 2023.
Company: Wisecut, Inc.
Raised: $1.0M
Round: Seed Round
Funding Month: August 2023
Lead Investors: Tim Draper
Additional Investors:
Company Website: https://www.wisecut.video/
Software Category: Video Editing Software
About the Company: Wisecut provides a cloud-based video editing solution that helps businesses create and edit videos using artificial intelligence (AI) and voice recognition technology. It enables users to automatically create jump cuts, add subtitles and background music, and manage content via a unified platform. Wisecut leverages Generative AI to supercharge human video creation, turning hours of videos into attention-grabbing clips.
Source: https://venturebeat.com/ai/wisecut-raises-funding-from-tim-draper-to-expand-its-ai-driven-video-editing-platform/