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Tiger Global InVideo launches AI-powered video creation

Posted on by Josh L
Tiger Global InVideo launches AI-powered video creation

Indian video editing platform InVideo is launching a generative AI-powered video creation feature that lets you use hints to create video clips.

The platform, supported by Tiger Global and Peak XV, calls this release InVideo v3.0. You can use text prompts to create videos in a variety of styles, including live action, animation, or anime, and export the resulting video to formats suitable for YouTube, Shorts/Reels, and Linkedin. Users can also edit these videos by suggesting that certain parts of the clip be changed or added.

Image credit: TechCrunch screenshot

InVideo has not developed its own model to support this feature. Instead, it uses a pipeline of different models to analyze the prompts and create the video.

Sanket Shah, co-founder and CEO of InVideo, told TechCrunch that in theory there is no upper limit to the length of these generated videos, but users will be limited by the number of credits they can create. There seems to be no free level.

To help pay the bills for this new feature, the company is adding a new paid plan called the Generative Plan, which lets you create 15 minutes of video for $120 a month. According to the company, users can buy additional minutes for between $8 and $10 per minute on any rate plan.

Last year, the app released a quick video generation feature that couldn’t create a video from scratch, but only combined licensed footage and photos into a video that looked a bit rough.

Although the new tool can create a few minutes long video if you check video on the company’s websiteyou will notice that the style and quality of the video changes in the middle of the video which creates an impression. The startup said it will improve the tool’s ability to generate over time.

The company is diving into a space where other video editors such as Signatures, D-ID and Lytrixintroduced AI-based video generation for various market segments.

Image credit: InVideo

Shah said that compared to other video editing tools, InVideo has a simpler interface for creating AI-generated videos. While some competitors target filmmakers, advertising agencies, sales and marketing departments, InVideo wants to target individuals, creators and small businesses.

He noted that the company currently has 4 million monthly active users, and that the tool has generated 7 million videos in the past 30 days.

InVideo’s logic for using artificial intelligence to create videos is similar to that of its competitors. Anyone can use their phone to take a video and also use editing software to make a video. But video editing apps that use AI features want users to imagine bigger videos and perhaps spend more money on generative AI features.

The company raised its latest round of $35 million from the likes of Greenoaks, Tiger Global and PeakXV in 2021. Shah noted that the startup still has $25 million in the bank and “hardly spends money.”

“I believe that InVideo v3.0 is a big bold step towards our goal. We have a lot of interest from investors, but we will be looking to partner with the right partner in the next few quarters,” he told TechCrunch.

Shah added that the company plans to register $50 million in revenue this year.