The startup Replai has received a total US$4.7 million in Seed funding to expand its product portfolio and increase its team.
Portuguese startup Replai closed a US$4.7 million (close to €4.1 million) Seed round to expand its product portfolio and increase its team, currently having 20 open positions in technology development, sales and marketing. With the capital raised, the startup has increased its total funding to US$6 million (around €5.2 million) in just one year.
The funding round was led by Hoxton, together with Sonae IM, Lux Capital, Sequoia, Accel and existing investors, whose names were not disclosed by Replai.
“We are extremely pleased with the customer response to our solution and the investors’ confidence in our team and vision. We are excited to step up the advantage we already have by being the first and to expand our presence globally as the pioneer in the category of custom computer vision and AI for video,” said João Costa, co-founder and CEO of Replai, quoted in a statement. “Beyond technology and tools, Replai is a people-prioritised, customer-centric company, and we extend that value to our customers, partners and each other,” he said.
“Replai is paving the way for the next phase in AI-based video intelligence technology. We expect sharp growth, driven by Replai’s unprecedented solution and its customers who are industry leaders. It is clear that the team excels at solving long-standing problems related to video engagement and ROI data, and the current moment has created a huge market opportunity that we believe Replai can successfully lead,” said Benjamin Junior, investment manager at Sonae IM.
According to data made available by the startup, the digital video content market is expected to grow to $327.19 billion between 2021 and 2025.
Replai is the world’s first platform for video-based creative insights, uses artificial intelligence to create short videos automatically and applies this technology to the e-sports industry. Originating in Porto, the startup is based in San Francisco and has offices located in the cities of London and Porto.