1Bstories, started by ex-Google employees, has drawn significant funding of $5.5 million aimed at advancing their AI video creation tool.
In Brief
1Bstories managed to secure $5.5 million in a funding round spearheaded by Northstar Group, with participation from 47 venture capital and angel investors.
The company plans to allocate this funding towards team expansion, accelerating the development process of Vidiofy—its cutting-edge AI video generation platform—and promoting its widespread use.
The Singaporean tech startup 1Bstories has garnered $5.5 million in a financing round led by Northstar Group, bringing together 47 venture capitalists and individual investors, including notable figures like Tom Blomfield from Monzo, Ceasar Sengupta from Arta Finance, Ian Doody from Powerhouse Capital, Quentin Reyes from Alpha Praetorian Capital, and Tim Dattels from TPG Asia and Goldman Sachs.
1Bstories Founded by Ravi Hamsa, Anuvrat Rao, and Stacie Chan, the team brings a rich background to the table. Hamsa has an impressive resume, having worked with prestigious tech companies such as Yahoo, LinkedIn, Uber, and InMobi. Rao comes from Google with a focus on online video, while Chan is not only a former Googler but also an acclaimed journalist and Emmy-nominated actress. Collectively, they boast over 23 years of industry experience.
The company’s overarching goal is to leverage advanced AI technologies to narrate a billion stories. Through its generative AI capabilities, Vidiofy empowers businesses to effortlessly craft engaging video content. Its intuitive interface makes video production a breeze for users. generate a library of video Users can build content from scratch or repurpose existing online material. For example, brands can utilize the platform to create tailored marketing messages or dynamic social media clips.
1Bstories intends to deploy the fresh capital to grow its workforce, fast-track product innovation, and promote widespread utilization of Vidiofy.
"We’re driven by a mission to empower both publishers and brands to craft mesmerizing videos on a grand scale using generative AI technology. Vidiofy is poised to revolutionize the video creation landscape, enabling businesses to generate content like never before,\" stated Anuvrat Rao, the CEO and founder of 1Bstories.
Currently, the startup is collaborating with a diverse array of clients, including Australian digital media firms, property developers in Singapore, and telecommunications companies from Indonesia.
"Our groundbreaking AI video tool is set to transform the digital publishing sector by allowing brands to produce captivating, high-quality videos with remarkable efficiency. We envision Vidiofy setting the benchmark for AI-driven video production, effortlessly bridging the divide between aspiration and implementation while opening new avenues for engagement and monetization,\" remarked Quentin Reyes, Managing Director of Alpha Praetorian Capital.
Three Arrows Capital, facing potential bankruptcy, reportedly holds NFTs valued at $7.5 million.
Read related posts:
Disclaimer
In line with the Trust Project guidelines Valeria is a journalist for Metaverse Post, where she covers funding rounds, artificial intelligence, the metaverse, digital fashion, NFTs, and other web3 topics.
