INSUBCONTINENT EXCLUSIVE:
Adobe has reportedly acquired Bengaluru-based Rephrase.ai
According to a report in TheIndianSubcontinent, Rephrase.ai runs an artificial intelligence (AI)-powered video creation platform
video-editing platform, Creative Cloud, and bolster its offerings.The transaction is expected to help Adobe accelerate its ability to
provideAI-powered video content tools to its customers.Rephrase.ai is a Bengaluru-based startup that provides a text-to-video generation
platform that is claimed to remove complexities and help users create professional looking videos
Rephrase.ai also helps influencers and video creators build digital avatars and enables marketing teams
The company was founded by IIT Bombay graduates, Ashray Malhotra, Nisheeth Lahoti and IIT Roorkee alumni Shivam Mangla
It has raised $13.9 million till date
In September, last year, the company raised $10.6 million in a round led by US media company Red Ventures
The report did not give details on the final deal size
cash and Adobe stock.Why is the deal importantAdobe's Rephrase.ai buy is significant as it marks the first-ever deal for the US-based
software major in the generative AI and video-tooling space
It also makes Rephrase the first Indian startup to be acquired by Adobe, which has largely struck such deals in its home market, the US, and
manager, Creative Cloud, wrote in an internal memo to employees.In March, Adobe announced its entry into the generative artificial
intelligence (AGI) space with a new model, Firefly, in beta launch mode
The move is said to be focused on bringing generative AI tools to its suite of apps and services
Last month, at Adobe Max, its annual creativity conference, the company previewed its generative AI-to-video capabilities
