The program, which lies halfway between Photoshop and Premiere Pro, enables users to make videos from scratch at the touch of a button.
Adobe Systems, a leader in digital media solutions globally, is reportedly acquiring Bengaluru-based company Rephrase.ai to increase its generative AI capabilities.
Co-founded by IIT Bombay and IIT Roorkee graduates Shivam Mangla, Ashray Malhotra, and Nisheeth Lahoti, Rephrase.ai streamlines video creation by turning text into polished videos. It has gained recognition in the quickly expanding text-to-video AI generation market.
Adobe has not publicly acknowledged the acquisition, which was revealed by Mangla, but it would be consistent with the company’s continued investment in generative AI, as demonstrated by the recent release of Adobe Firefly and improved Photoshop AI features. In response for comment, Adobe remained silent.
Rephrase.ai CEO Mangla shared his excitement on social media by praising his team’s accomplishments and journey.
Mangla wrote, “Rephrase.ai is getting acquired by a pioneering creative tech company, ushering us into the new era of Generative AI.” He went on to detail how the startup’s success was fueled by the Techstars incubator program, important partnerships, celebrity collaborations, and a successful U.S. market expansion.
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“Thanks to 50k+ users who placed their trust in Rephrase products over the years, and we’ll remember the trust and love you put in while working with us,” he went on to explain. “As we begin this new chapter in a larger org, the possibilities are endless.”
The tide of text-to-video AI is rising.
With firms like Meta launching Emu Video and RunwayML leading the industry with its coherence capabilities, the text-to-video AI generation business has evolved significantly. Pika Labs and Stability AI have both produced popular video creation models, with the latter recently introducing Stable Video Diffusion, an open-source alternative capable of generating high-quality videos in greater resolution.
Stable Video Diffusion has two models, SVD and SVD-XT, that can generate video at rates ranging from three to thirty frames per second. This development, reported earlier today by Decrypt, adds to the ever-changing environment of AI-driven video production.
Adobe’s rumored acquisition of Re.ai represents another step forward in the company’s business model. The multimedia software behemoth had previously shared a tool that employs AI to “inpaint” videos and alter their appearance. However, creating a film from start is more challenging because the AI model has no reference to work with (pixel space) and everything is done algorithmically (in the latent space).
This acquisition comes at a time when India’s generative AI startup environment is gaining traction. According to the Inc42 2023 report on the ‘Generative AI Startup Landscape,’ Indian firms in this space have raised more than $440 million since 2019. Adobe is well positioned in this developing market thanks to Re.ai’s success story, which includes $13.9 million in total funding and a substantial round headed by Red Ventures.
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