Aug X Labs has raised $3.1 million to democratize video creation through AI technologies.
The funds for the oversubscribed funding round will be utilized to expand the team, further develop core technologies, and enhance customer acquisition efforts for its flagship product, Augie, as it prepares to exit beta later this year.
Unlock Venture Partners led the funding round, with participation from prominent investors including Dropbox Ventures, Flying Fish Ventures, and Hyde Park Venture Partners. New investors such as Zenture VP, Magnesium Studio, Shae Hong (CEO of Made by Gather), and Eric Ries (Author of The Lean Startup) also joined the round. Aug X Labs also received funding from the Carnegie Mellon Swartz Center for Entrepreneurship’s VentureBridge program.
“Augie isn’t just a groundbreaking product; it’s the result of a team with a unique vision for how technology can democratize video creation and storytelling,” said Andy Liu, Managing Partner at Unlock Venture Partners, in a statement.
Dropbox Ventures, another participant in the funding round, recognized Aug X Labs’ potential to become a leader in the AI-driven video creation space. Donald Tucker, head of corporate development and ventures at Dropbox, praised Augie as an easy-to-use AI-powered video tool that addresses the challenges faced by customers.
Augie, the company’s core product, is an AI-assisted video creator designed to democratize access to video marketing. By analyzing content such as prompts, scripts, narrations, or recordings, Augie transforms words into videos. The platform also incorporates high-quality, commercially licensed stock video footage to enhance user-generated content. Augie can be accessed through any browser, with a dedicated mobile experience set to be launched soon.
Augie’s content-matching system leverages AI technologies such as computer vision, metadata, GPT, and NLP to automatically derive context from images and clips. The platform also integrates AI Voices and Voice Cloning from ElevenLabs, as well as synthetic and generative media from Replicate.AI, along with other advanced technologies from leading AI providers including AWS, OpenAI, and Hugging Face.
“We’ve learned so much since launching Augie into open beta and in that time have taken monumental steps forward in both the power and capabilities of our generative AI video creation platform, giving businesses an easy and effective way to promote themselves and reach new audiences,” said Jeremy Toeman, founder and CEO of Aug X Labs, in a statement. “This funding round empowers us to expand the team and product to meet the demands of our current and future users. We’ve seen tremendous interest in Augie, with double-digit growth since our beta launch, and our power users create an average of 37 Augies per month.”
Aug X Labs has raised $3.1 million to democratize video creation through AI technologies.
The funds for the oversubscribed funding round will be utilized to expand the team, further develop core technologies, and enhance customer acquisition efforts for its flagship product, Augie, as it prepares to exit beta later this year.
Unlock Venture Partners led the funding round, with participation from prominent investors including Dropbox Ventures, Flying Fish Ventures, and Hyde Park Venture Partners. New investors such as Zenture VP, Magnesium Studio, Shae Hong (CEO of Made by Gather), and Eric Ries (Author of The Lean Startup) also joined the round. Aug X Labs also received funding from the Carnegie Mellon Swartz Center for Entrepreneurship’s VentureBridge program.
“Augie isn’t just a groundbreaking product; it’s the result of a team with a unique vision for how technology can democratize video creation and storytelling,” said Andy Liu, Managing Partner at Unlock Venture Partners, in a statement.
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Dropbox Ventures, another participant in the funding round, recognized Aug X Labs’ potential to become a leader in the AI-driven video creation space. Donald Tucker, head of corporate development and ventures at Dropbox, praised Augie as an easy-to-use AI-powered video tool that addresses the challenges faced by customers.
Augie, the company’s core product, is an AI-assisted video creator designed to democratize access to video marketing. By analyzing content such as prompts, scripts, narrations, or recordings, Augie transforms words into videos. The platform also incorporates high-quality, commercially licensed stock video footage to enhance user-generated content. Augie can be accessed through any browser, with a dedicated mobile experience set to be launched soon.
Augie’s content-matching system leverages AI technologies such as computer vision, metadata, GPT, and NLP to automatically derive context from images and clips. The platform also integrates AI Voices and Voice Cloning from ElevenLabs, as well as synthetic and generative media from Replicate.AI, along with other advanced technologies from leading AI providers including AWS, OpenAI, and Hugging Face.
“We’ve learned so much since launching Augie into open beta and in that time have taken monumental steps forward in both the power and capabilities of our generative AI video creation platform, giving businesses an easy and effective way to promote themselves and reach new audiences,” said Jeremy Toeman, founder and CEO of Aug X Labs, in a statement. “This funding round empowers us to expand the team and product to meet the demands of our current and future users. We’ve seen tremendous interest in Augie, with double-digit growth since our beta launch, and our power users create an average of 37 Augies per month.”
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Author: Dean Takahashi
Source: Venturebeat
Reviewed By: Editorial Team
