AI startup Rephrase.ai raised $10.6 million in Series A led by Red Ventures where Silver Lake, 8VC and other investors also have participated.
Re.ai is a deeptech startup that creates videos using artificial intelligence. It essentially creates a digital clone of a human being to be used in videos later on. The new capital will be used to improve capabilities by combining product experiences and hiring across verticals such as engineering, AI, product, sales, and marketing. The funds will also be used to expand the startup’s presence in North America. According to a report, the global AI industry is expected to reach $1,811.8 billion by 2030, growing at a CAGR of 38.1%.