Indian video editing platform InVideo launches an AI-powered generative video creation feature that allows you to generate video clips using prompts.
The platform, backed by Tiger Global, Peak XV and others, is calling this release InVideo v3.0. You can use text prompts to generate videos in a variety of styles, including live-action, animation, and anime styles, and export the resulting videos in formats suitable for YouTube, Shorts/Reels, and Linkedin. Users can also edit these videos by prompting them to make changes or additions to specific parts of the clip.
Image credit: Screenshot by TechCrunch
InVideo has not developed a proprietary model to enhance this functionality. Instead, it uses a pipeline of different models to parse the prompt and generate the video.
Sanket Shah, co-founder and CEO of InVideo, told TechCrunch that while there is theoretically no limit to the length of these generated videos, users can limit the number of Generation Credits they have. He said there are restrictions. There doesn't seem to be a free tier.
To help pay for this new feature, the company is adding a new paid plan called the Generative Plan, which lets you generate 15 minutes of video for $120 per month. The company says users can purchase additional minutes on any plan for $8 to $10 per minute.
Last year, the app released a prompt-based video generation feature, but it doesn't let you create videos from scratch, it just splices together licensed stock footage and photos to create videos, which look a bit grainy. Ta.
The new tool can produce videos a few minutes long, but if you check out the videos on the company's site, you'll notice that the style and quality of the videos changes mid-way through, which feels strange. The startup said it will improve the tool's generation capabilities over time.
The company is entering a space where other video editors such as Captions, D-ID, and Lightricks are introducing AI-powered video generation for different segments of the market.
Image credit: InVideo
Shah said that compared to other video editing tools, InVideo has a simple interface for creating AI-generated videos. While some of our competitors target filmmakers, ad agencies, and sales and marketing teams, InVideo wants to target individuals, creators, and small businesses.
He noted that the company currently has 4 million monthly active users and that the tool has generated 7 million videos in the past 30 days.
InVideo's logic for using AI to generate videos is similar to that of its competitors. Anyone can use their mobile phone to capture footage and use editing software to create videos. But video editing apps that employ AI capabilities want to help users imagine more expansive videos, and are likely to spend more money on generative AI capabilities.
The company raised its last round of $35 million in 2021 from companies such as Greenoaks, Tiger Global, and PeakXV. Shah said the startup still has $25 million in the bank and has “barely spent any money.”
“I think InVideo v3.0 is a big bold step towards our purpose. We have a lot of investor interest in our company, and we look forward to working with the right partners in the coming quarters.” We'll look into it,” he told TechCrunch.
Shah added that the company is on track to record $50 million in revenue this year.