Mumbai, November 24, 2023 – VideoVerse, a leading AI-driven video technology company, is pleased to announce its partnership with Evolvence India, a pivotal step towards bolstering the company’s market presence. Alongside acquiring a secondary stake in VideoVerse, Evolvence will work closely with the company’s executive team in fulfilling their shared vision of continued innovation and expansion in the EMEA and APAC markets.
Evolvence India has cultivated a reputation as a regional trailblazer in the investment community since its establishment in 2005. By employing a strategy of making both primary and secondary investments in pioneering companies, the group focuses on identifying and capitalizing on innovative and promising opportunities in emerging markets. “VideoVerse has revolutionised video editing through their proprietary AI-led video tech platform and proven use-cases across industries including sports, media and entertainment. They have demonstrated a strong product-market fit and we are delighted to partner with the team as they scale internationally,” said Rohit Batra, Managing Partner at Evolvence India.
The global video streaming market valued at USD 89.03 billion is expected to grow at a CAGR of 21.5% through 2030, with AI playing an essential role in editing, voice-overs, scriptwriting, and several other aspects of video production and upload. This partnership signifies a collective commitment to driving innovation, leveraging market insights, and setting new industry Benchmarks.
Vinayak Shrivastav, CEO of VideoVerse, expressed enthusiasm about this collaboration, stating, “Evolvence India’s reputation in providing value to their portfolio companies, above and beyond their capital, aligns seamlessly with our growth ambitions. We’re excited to be partnering with them, especially as we expand our footprint in rapidly evolving markets.”
In an era where AI is redefining how content is created and shared, emerging sports and media markets offer substantial opportunities for innovation, and diverse cultures with growing sports and digital demand. VideoVerse and Evolvence India’s partnership aims to harness this potential, using AI to develop new content approaches and meet the evolving demands of Audiences. “Video technology is still at a nascent stage in its evolution. VideoVerse has championed the use of cloud in video editing and has developed market-leading tech solutions to deliver tangible value-add to its customers, in both efficiency gains and improved consumer engagement. The team has demonstrated impressive execution and we look forward to partnering with the company in their journey ahead,” said Deependra Singh Dhamu, Principal at Evolvence India.
