Descript, the audio and video editing software company, has raised $50 million in a Series C financing round. That brings the company’s total funding to $100 million, and with it, Descript says it has the wherewithal to push forward with its efforts marrying artificial intelligence to video, images and text in a new way of creating content. The financing round was round led by OpenAI Startup Fund while Andreessen Horowitz, Redpoint Ventures, Spark Capital and Daniel Gross also participated in the round.
The OpenAI Startup Fund looks to invest in AI companies that can integrate the technology in new ways. Descript’s model for making video and audio content is seen as part of the growing field of AI-enabled content capabilities.
“We started the OpenAI Startup Fund to accelerate the impact companies building on powerful AI will have on the world, and we’re particularly excited about tools that empower people creatively,” said Brad Lightcap, OpenAI’s COO and manager of the OpenAI Startup Fund. “It’s clear from using Descript and talking to customers that Descript is breaking down barriers between idea and creation by extending video editing capabilities to an entirely new class of creators.”
Descript launched in 2019 led by CEO Andrew Mason, the founder and former CEO of Groupon as an AI text-to-speech platform. But its focus has evolved during the past few years. The software company has pitched its product as a way for creators to produce short video clips that they can post on social media to promote their shows. It has also launched a multi-language transcription feature in 22 languages. Earlier this year it also unveiled several new features including the ability to instantly transcribe audio or video to generate subtitles.
As it brings in more cash, Descript says it has just launched its biggest product update to date. It includes more than 30 new visual and AI-powered editing features to make editing video easier. Other additions include new templates, multitrack screen recording, and giving users access to millions of premium stock videos, images, sound effects and music tracks.
“The stage is set for video to take its place alongside text as something everyone uses to create and communicate — the only things holding it back are the tools,” said Mason.