Bluestone Equity Partners, a private equity firm founded earlier this year by NBA vet Bobby Sharma focused on sports, media, and entertainment, has made a huge investment in the AI-driven video editing platform VideoVerse.
Terms of the investment weren’t disclosed but sources near the deal said it is valued at around $45 million. Sharma is also joining VideoVerse’s board as part of the deal.
VideoVerse, headed up by co-founder and CEO Vinayak Shrivastav, uses AI to turn video footage into short-form clips and highlights for social distribution by rights holders and content creators.
The company is based in Mumbai, India, and Sacramento, California, its clients include the UEFA Champions League, FA Cup, Bundesliga, Wimbledon, NCAA Basketball, as well as various US college sports programs.
The company’s main product Magnifi was named one of the National Association of Broadcasters’ AI products of the year in 2023. VideoVerse plans to use the funding to expand in North America and elsewhere and move into new verticals.
Sharma from Bluestone Equity Partners had this to say about VideoVerse:
“The applications for VideoVerse’s technology are limitless, extending across sports, media & entertainment, and into other industries, such as education and security.”
VideoVerse is Bluestone’s third investment and its first software-as-a-service one since it closed its first $300 million fund earlier in 2023.
The firm previously invested about $20 million in RWS Global, which provides design, casting, and programming for major entertainment destinations and venues.
They also took a roughly $30 million stake in PMY Group, which provides technical design for major pro sports venues, including in the National Football League, Major League Baseball, and Major League Soccer.
