Toch.ai, an AI-driven SaaS platform, has announced a USD11.75 million Series A funding by Moneta Ventures, Baring Private Equity India, Binny Bansal, Saikiran Krishnamurthy, Ventureast, Huashan Capital, 9 Unicorns, Anthill Ventures, Cathexis Ventures, SOSV, Artesian and Innoven Capital backed by (Temasek and United Overseas Bank).
The funding will be used to scale up technology infrastructure and venture expansion into global markets with a specific focus on foreign markets.
“We are helping businesses to reimagine what is possible with digital video. Our technology is driving revolutionary changes in the way video content is edited, presented and consumed. This enables businesses, whether it be a broadcaster, streaming service, or sports team, to offer the right dynamic video content at the right time, meeting and exceeding their customer’s expectations, and growing revenue while managing risks and reducing costs,” said Vinayak Shrivastav, co-founder and CEO of Toch.ai.
Founded in 2016 by Vinayak Shrivastav, Saket Dandotia and Alok Patil, Toch.ai uses artificial intelligence technology to process video content, including live sporting events, television shows, or library-based content, automatically and instantly.
Using an algorithm that automatically meta-tags images, video and text, understands the context and identifies key moments, businesses can auto-create and share customized digital video content using existing feeds, be it LIVE or recorded, and match and adapt content to meet the changing demands of consumers.
The next journey is going to see us focusing on building an ecosystem of video tools around the company that will work towards defining itself as a global SaaS company.
Toch.ai estimates that to date, it has saved its clients nearly 900M hours of video processing time while generating a 40 per cent higher increase in viewers time spent watching videos and an engagement rate that is nearly 3X higher per viewer on average. The company has recorded 300% year-over-year growth in revenue, expanding the client base to more than 15 countries with 500+ active subscribers during the same period.