What Is Reduct.Video?
The startup — which is based in San Francisco — was launched in March 2018 by founders Prabhas Pokharel and Robert Ochshorn. The two entrepreneurs met in high school but reconnected years later to fill a gap they spotted in the $7 billion video editing market for “a better way to manage and make sense of all that video content,” according to a recent post from the company on its history.
In its few short years of existence, the startup has already attracted numerous big-name clients to its AI-driven video editing business, including Intuit, Spotify, Autodesk, Facebook, Plaid, People.ai, and Superhuman. These companies are spread across a wide variety of industries, representing the broad applications of Reduct.Video’s AI video editing product.
Money and Investors
This seed round — announced in February by the company — marks the only fundraising sum the business has made public. According to Crunchbase, the startup also raised an undisclosed pre-seed amount from its business from Atomo, an early-stage venture fund, in August 2018. The company also raised another undisclosed sum of money in September 2018 from Pear VC.
The $4 million seed round is the highest publicly known sum the company has raised. This fundraising round for the startup was led by Greylock Partners and South Park Commons, with the participation of current and former executives from Figma, Twitter, and Hopin.
The editing company has already proven that it has the technology – including AI that allows the startup to easily simplify parts of the sorting and video editing process — to succeed. Furthermore, the business has found that the applications of its AI video editing technology are widespread. “There are all these use cases for asynchronous video that [companies] haven’t even bothered with,” Pokharel told TechCrunch.
The goal now is to keep spreading the word about the company and its technology beyond the hundreds of businesses it already services. This video editing technology has the capability to transform video, Reduct.Video believes, and now the startup has the financial backing to further transition its AI video editing dreams into a reality.
This business seems to have everything going for it: a unique pitch, an already established customer base, and now, a hefty fundraising sum. It will now be up to Reduct.Video to keep belief in its business and make the best use of this cash injection to spread the word about its AI video editing technology — which, by the looks of things, really could be the future.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.