Pictory Gets $2.1M to Grow Its AI-Enabled Video Production Platform
Pictory, a Seattle startup that helps content creators make short-form videos, has just closed on a $2.1 million seed round — its first external financing. In a press release, the company said it plans to use the money to “aggressively expand” its sales and marketing efforts, as well as accelerate product development.
Founded in 2019, Pictory’s AI-enabled software is designed to automate much of the video creation process, allowing users to automatically create short video clips from longer form text and video content like articles and webinars. The goal is to offer a faster, cheaper alternative to hiring an outside video production agency or leaning on more intensive tools like Adobe Premiere, which costs hundreds of dollars and can take years to master.
In a statement, co-founder and CEO Vikram Chalana called Pictory a “game changer” for content creators and marketers alike since it allows them to “repurpose” long content into several short, social media-friendly videos “within minutes.” And the platform seems to be resonating so far. The startup claims it’s garnered more than 5,000 new customers in just three months, and there’s no sign of slowing down.
“The investment,” added Chalana, “will help us build and expand a global community of video content marketers. The investment will also help us significantly improve our AI algorithms in video production, enhancing the time-to-value for our community.”
This fresh funding round was led by Fuse, a Bellevue-based VC firm that counts Seahawks linebacker Bobby Wagner as a venture partner, with participation from Voyager Capital and several local angel investors including former Port of Seattle Commissioner Bill Bryant.
Fuse, which invests in early-stage startups throughout the Pacific Northwest, has recently backed several other local standouts, including agricultural robot maker Carbon Robotics, healthtech startup bttn., and WellSaid Labs, which tries to make AI-generated speech sound like a real human. Meanwhile, the firm’s general partner Kellan Carter seems to think video production is a hot industry worth investing in, and that Pictory is at the forefront of it.
“Short form video is becoming an industry norm for many business use-cases, particularly marketing and social media. With Pictory, the average user has enterprise-ready video editing and publishing tools at their fingertips,” Carter said in a statement. “We couldn’t be more thrilled to be part of the Pictory journey.”