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Aug X Labs has raised $3.1 million to democratize video creation by AI applied sciences.
The funds for the oversubscribed funding spherical shall be utilized to develop the crew, additional develop core applied sciences, and improve buyer acquisition efforts for its flagship product, Augie, because it prepares to exit beta later this yr.
Unlock Venture Partners led the funding spherical, with participation from outstanding buyers together with Dropbox Ventures, Flying Fish Ventures, and Hyde Park Venture Partners. New buyers corresponding to Zenture VP, Magnesium Studio, Shae Hong (CEO of Made by Gather), and Eric Ries (Author of The Lean Startup) additionally joined the spherical. Aug X Labs additionally obtained funding from the Carnegie Mellon Swartz Center for Entrepreneurship’s VentureBridge program.
“Augie isn’t only a groundbreaking product; it’s the results of a crew with a singular imaginative and prescient for the way know-how can democratize video creation and storytelling,” stated Andy Liu, Managing Partner at Unlock Venture Partners, in a press release.
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Dropbox Ventures, one other participant within the funding spherical, acknowledged Aug X Labs’ potential to develop into a pacesetter within the AI-driven video creation house. Donald Tucker, head of company growth and ventures at Dropbox, praised Augie as an easy-to-use AI-powered video software that addresses the challenges confronted by clients.
Jeremy Toeman is CEO of Aug X Labs.
Augie, the corporate’s core product, is an AI-assisted video creator designed to democratize entry to video advertising. By analyzing content material corresponding to prompts, scripts, narrations, or recordings, Augie transforms phrases into movies. The platform additionally incorporates high-quality, commercially licensed inventory video footage to improve user-generated content material. Augie might be accessed by any browser, with a devoted cell expertise set to be launched quickly.
Augie’s content-matching system leverages AI applied sciences corresponding to pc imaginative and prescient, metadata, GPT, and NLP to routinely derive context from photographs and clips. The platform additionally integrates AI Voices and Voice Cloning from ElevenLabs, in addition to artificial and generative media from Replicate.AI, together with different superior applied sciences from main AI suppliers together with AWS, OpenAI, and Hugging Face.
“We’ve discovered a lot since launching Augie into open beta and in that point have taken monumental steps ahead in each the facility and capabilities of our generative AI video creation platform, giving companies a straightforward and efficient method to promote themselves and attain new audiences,” stated Jeremy Toeman, founder and CEO of Aug X Labs, in a press release. “This funding spherical empowers us to develop the crew and product to meet the calls for of our present and future customers. We’ve seen great curiosity in Augie, with double-digit progress since our beta launch, and our energy customers create a mean of 37 Augies monthly.”
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https://venturebeat.com/video games/aug-x-labs-raises-3-1m-to-use-ai-to-democratize-video-production/
