New Jersey and Bengaluru-based AI-powered collaborative social learning startup VideoKen has raised around ₹6.8 crores ($930,000) in its second round of seed funding. The funds are raised from SRI Capital, Touchstone Equities, along with Hyderabad Angels.
Other existing investors that participated in the round include LG Chandrasekhar, Sutures India, along with other angel investors including former Flipkart and Yahoo executives.
The funds raised will be used to further expand operations across North America.
VideoKen was co-founded by Manish Gupta, former Vice President of Xerox, Ashish Vikram, former VP of Engineering at Flipkart and Yahoo, and Vishnu Raned in 2017. The startup leverages AI and machine learning to automatically index videos, create table-of-contents and phrase cloud, which summarises key topics in a video.
The startup provides two products, one aimed at marketing and communications, while the second one is focused on learning vertical.
The integration of video indexing platform with marketing automation software provides more detailed insights and call-to-action capabilities to support the needs of marketing organisations.
The learning solutions include search and recommendations, clip inserting, notes inserting and sharing videos with friends.
Talking about the investment, Sashi Reddi, Managing Partner, SRI Capital, said, “Videos account for roughly 75% of internet traffic and their usage by enterprises continue to increase. We will soon see a paradigm shift in how videos are consumed and I’m glad to see VideoKen at the forefront of this change.”
VideoKen is adding capabilities for video hosting and search to provide a complete video platform solution.
Among its list of clients are Walmart Labs, Robert Bosch, TCS, ACM, ADBI, among others.
In April 2017, VideoKen raised $1 million in its first seed funding round. The investors that participated in the round included Sashi Reddi, Surojit Chatterjee, Head of Product, Shopping at Google, Ravi Garikipati, CTO of Flipkart, and Ajay Lavakare, Chief Product Officer, SmartVizX, among others.