American software company ADOBE has acquired Indian generative AI startup Rephrase.ai for an undisclosed sum, reported Moneycontrol.
Based in the Indian IT hub of Bengaluru, Rephrase.ai offers platforms and tools to generate video from texts using generative AI.
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Founded in 2019 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, the company is said to have more than 50,000 users.
Adobe, which is known for its editing and media tools such as Photoshop, Premiere Pro, After Effects and Lightroom, aims to strengthen its generative AI video capabilities through the Rephrase.ai acquisition.
As per the terms of the agreement, Adobe will retain most of Rephrase.ai’s employees, with the founders working closely with the US software company.
Citing sources, the publication reported that Rephrase.ai currently employs close to 45 individuals.
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By GlobalDataThis is Adobe’s first acquisition of an Indian startup in the generative AI space.
“Adobe has a strong track record of accelerating growth through both organic and inorganic innovation. We are always on the lookout for new talent and technology that supports our strategy and creates more value for our stakeholders,” a representative for Adobe was quoted as saying by the publication.
In a post on X, Rephrase.ai co-founder Shivam Mangla said: “Exciting news! Rephrase.ai is getting acquired by a pioneering creative tech company, ushering us into the new era of generative AI.”
“A huge shoutout to our team – our technology teams for pushing the frontiers of AI, and our business teams for writing a playbook to sell generative AI in India. Your dedication and hard work have been everything to us, and the company. This is your success, and nobody else’s.”
In September 2022, Rephrase.ai raised $10.6m in its Series A funding round led by Red Ventures and joined by Silver Lake, 8VC and others.
At the time, the company stated that it would use the funding to grow its team and expand operations in North America.
https://twitter.com/_shivammangla/status/1727299136238837924?t=EyUfnGsOsNE38kNcVAlWgA&s=19
https://twitter.com/_shivammangla/status/1727299138302415359?t=9tmiFyTxLxviZMkw0xembw&s=19
