Short-form video, like the one we saw on TikTok and Facebook Reels, has grown explosively, transforming content marketing and dominating the social media space.
According to HubSpot Blog’s 2023 Marketing Strategy & Trends Report, short-form video ranks number 1 when it comes to lead generation and engagement. The latest HubSpot report also reveals that digital marketers will invest in short-form videos more in 2022 than any other type of social media content. As a result, fast-growing tech startups, like the US-based ShortTok, are raising funds to keep up with the latest digital marketing trends.
ShortTok, an early-stage software and pioneering video AI startup, announced that it has raised additional funds. The financial term of the deal was not disclosed to the public. Info Edge Ventures, a Temasek-backed venture capital firm, made the investment, which is still subject to government regulatory approvals.
According to the company’s press release, this latest investment is part of the company’s pre-seed round. The fresh funding will be used to support R&D, business development, and operations.
Founded in 2021 and based in New York City, ShortTok provides automated storytelling technologies for media and content companies globally to create highly novel visual stories, catalyze content discovery, turbocharge audience engagement, and enhance the value of digital assets. The company’s technical team has deep expertise in the field of artificial intelligence, machine learning, computer vision, Natural Language Processing, data mining, video processing, software engineering, and digital media.
The company is currently run by founder and CEO Vikram Nagrani, a serial entrepreneur who has founded a number of innovative companies, including a mobile software Neonyoyo that was acquired by Interwoven (now part of HP) for $70 million.
ShortTok’s technical team is currently operating in Austin, United States. The company is planning to establish an office in Hyderabad, India.