Adobe Makes Debut On Indian Startup Ecosystem, Acquires AI Startup Rephrase.ai (Image: Unsplash)
Adobe, the San Jose-based software giant, has acquired the Indian AI-powered video creation platform Rephrase.ai. This is Adobe’s first-ever acquisition in the Indian startup ecosystem. The Economic Times reported that Adobe is aiming to integrate Rephrase’s tech stack and generative AI video capabilities with Creative Cloud, Adobe”s in-house video-editing platform.
Rephrase.ai”s cofounder, Shivam Mangla, also shared the news of the acquisition. “Exciting news! Rephrase.ai is getting acquired by a pioneering creative tech company, ushering us into the new era of Generative AI,” wrote Shivam Mangla on his X handle. The value of this deal has not yet been disclosed. Rephrase.ai, founded in 2019 by IIT alumni Malhotra, Shivam Mangla, and Nisheeth Lahoti, is a text-to-video generation platform. With the help of Rephrase.ai, users can create professional-looking videos with a digital avatar in minutes.
Exciting news! https://t.co/1vjINmfQE6 is getting acquired by a pioneering creative tech company, ushering us into the new era of Generative AI. 🚀 #GenAI #TechAcquisition #startups
— Shivam Mangla (@_shivammangla) November 22, 2023
In September, the Bengaluru-based startup raised $10.6 million in a Series A financing round. The startup uses deep learning to develop digital avatars of actual humans, and it can be used for synthetic video content. Rephrase.ai has created various digital avatars of influencers and celebrities characterized by advanced facial mapping, voice, lip synchronization, and expression capabilities. With the help of its artificial intelligence (AI) technology, the startup can clone any person to create their digital avatar.
This acquisition indicates that Adobe is focusing on exploring the possibilities of generative AI. In March, Adobe introduced its generative AI model, Firefly, and its commercial release was in September. Firefly is integrated into Adobe’s services, such as Photoshop and Illustrator. The Firefly enables users to edit images with typed commands. Notably, since the launch of Firefly, the company has witnessed an uptick in content licenses and overall stock business performance. According to Forbes, AI will have an annual growth rate of around 40 percent between now and 2030. Adobe strongly believes that the numerous possibilities of generative AI are exciting to both individual creatives and enterprises.
