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Adobe, the renowned software company, has recently acquired Rephrase.ai, an AI startup based in Bengaluru. Rephrase.ai specializes in developing a video creation platform powered by artificial intelligence. The news of this acquisition was officially announced by Shivam Mangla, one of the co-founders of Rephrase.ai, on his verified X (formerly Twitter) account.
Shivam Mangla announced on the microblogging site that https://Rephrase.ai is being acquired by a pioneering creative tech company, marking the beginning of a new era in Generative AI. This exciting news signifies a significant milestone for both companies involved. 🚀 #GenAI #TechAcquisition #startups
He stated, “With the commencement of this new phase in a bigger organization, the opportunities are limitless. I am thrilled to witness the innovative creations of our teams in the realm of GenAI. The forthcoming days are full of creativity and optimism!”
Rephrase.ai’s Employees: What’s the Future?
A significant portion of Rephrase’s workforce will become part of Adobe following the agreement. Nevertheless, the Economic Times report lacks comprehensive information regarding the exact size of the final deal. The report does mention that investors in Rephrase.ai are likely to receive a complete cash exit, while the founders will be compensated with both cash and Adobe stock.
Rephrase.ai is an AI startup located in Bengaluru that was established in 2019 by IIT alumni Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla. The company offers a text-to-video generation service that assists video creators and influencers in producing high-quality video clips. Rephrase.ai has raised $13.9 million in funding so far.
Why Adobe & Rephrase deal is important?
The recent acquisition of Rephrase.ai by Adobe is significant as it marks the software giant’s inaugural foray into the generative AI and video-tooling sectors, as per the report by the Economic Times.
Rephrase achieved a significant milestone by becoming the inaugural Indian startup to be acquired by Adobe, a company that predominantly finalizes agreements in the US and Europe, apart from its domestic market.
Adobe’s Internal Memorandum to Its Employees: What You Need to Know
Ashley Still, the Senior Vice President and General Manager of Creative Cloud, announced in an internal memo to the employees that the team at Rephrase.ai will be enhancing the company’s generative video capabilities.
According to the memo quoted by ET, we will be able to enhance our generative video capabilities within our market-leading creative applications and deliver more value to our customers in a shorter time frame by utilizing the Rephrase.ai team’s expertise in building text-to-video generator tools and generative AI video and audio technology.
A Closer Look at What Adobe’s Spokesperson Said
In a conversation with MoneyControl, Adobe’s representative stated that the renowned software company has a well-established history of utilizing both inorganic and organic innovation to expedite its growth. The spokesperson emphasized their continuous pursuit of new talent and groundbreaking innovations to enhance their approach and deliver greater value to their stakeholders.
In March of this year, Adobe made an announcement regarding its foray into the realm of generative artificial intelligence. The objective of this move is to incorporate generative AI tools into its existing range of services and applications. At the annual creativity conference, Adobe Max, the company provided a glimpse of its generative AI-to-video capabilities.
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