The American multinational software company Adobe, known for its products like Photoshop, Illustrator, Premiere Pro and others, has reportedly acquired Rephase.ai which is a text-to-video GenAI startup based in Bengaluru, India.
With this acquisition, Adobe will integrate the technology stack and generative AI capability of Rephrase.ai with its own video-editing platform Creative Cloud strengthening its offerings to its customers.
The Economic Times (ET) first reported on this development citing sources aware of the deal where the majority of Rephrase’s team members will be joining Adobe.
The amount of the deal has not been disclosed, but ET reported that the investors will likely be given a complete cash exit, while the founders will be paid in cash and stock.
This is the first acquisition of an Indian tech startup for Adobe as the San Jose-based software giant has predominantly made acquisitions in Europe and the US. It highlights the interest of big tech companies in better products no matter where they’re based out of.
Founded in 2018 by Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, Rephrase.ai is an AI-powered synthetic video creation platform whose deep-tech generative AI technology enables you to create professional-looking videos with a digital avatar in minutes.
Announcing this acquisition on LinkedIn, Ashray Malhotra, co-founder and CEO of Rephrase.ai said, “After an incredible 8-year startup journey, I’m thrilled to announce a significant milestone: Rephrase.ai is getting acquired by a leading tech giant.“
“The journey has been nothing short of remarkable. Since our first public presentation of a text to video vision in 2019 at Techstars, we’ve made significant strides, including helping India secure its first Cannes Lion Titanium Award and collaborating with Fortune 500 companies! We have built the world’s best text to real human video technology and can’t wait to unleash it’s potential,” he added acknowledging the support of his co-founders, investors, mentors and customers.