Software-as-a-services (SaaS) based video editing platform VideoVerse acquired the US-based, AI-enabled content generation startup Reely.ai. VideoVerse serves a wide range of businesses, including OTT, broadcasting, sports clubs and leagues, marketing agencies, and e-gaming platforms.
With this acquisition, VideoVerse seeks to expand and better serve its customers in the gaming and esports segments. The transaction value is not disclosed.
In April of last year, VideoVerse received $46.8 million in Series B funding from A91 Partners, Alpha Wave Global, and Binny Bansal.
VideoVerse intends to use Reely, which uses artificial intelligence to identify highlights and key moments during a game and simplifies the creation of highlight videos for the creator across multiple social media channels.
Furthermore, Reely’s technologies, according to its website, assist sports teams, content creators, and esports organisations in optimising content for the audience on social media in realtime. It also develops new workflows for content creation, brand marketing, and monetization.
“VideoVerse’s comprehensive expertise in short-form video creation and distribution, combined with the latest AI and ML technology, pairs perfectly with our real-time gaming solutions,” said Daniel Evans, CEO of Reely.ai. He went on to say that with this acquisition, both companies hope to bring innovation to the video content creation process. As content pervades every industry in some way, the content generation market is increasing in a variety of ways.