AI-powered media editing app, Descript lands fresh funding in a Series C investment round led by the OpenAI Startup Fund.
The OpenAI Startup Fund helps support and accelerate companies that develop tools that enhance healthcare, education, and creativity through artificial intelligence.
“From using Descript and talking to clients, it’s clear that Descript breaks down barriers between idea and creation by extending video editing capabilities to a whole new class of creators,” said Brad Lightcap, COO of OpenAI, which manages the OpenAI Startup Fund.
Descript is the second startup to receive fresh cash from the funding, after Mem. The recent funding rounds including investments from Andreessen Horowitz, Redpoint Ventures, Spark Capital, and ex-Y Combinator partner, Daniel Gross, brings the company’s total funding to $100 million.
“This AI stuff is going to be transformative. It’s going to impact us all before we know it. There are so many open questions about exactly how it’s going to unfold, and we couldn’t have asked for a better partner to help us navigate those questions. More practically speaking, this partnership is going to mean some great new tools coming to Descript in the next year. The new version of Descript that we’re releasing today is really just laying the foundation for a new kind of video editor,” expressed Andrew Mason, Descript’s CEO and Founder.
Descript also announced new updates with the platform. The app’s latest update promises to make video editing ‘as easy as editing a document or slides’. By combining an intuitive tool and an end-to-end production app, Description removes barriers for creators and communicators.
In October, The Information reported that OpenAI would lead a round of funding valuing Descript at around $550 million, more than double its January 2021 valuation of $260 million.
Descript was founded by Andrew Mason, who co-founded Groupon, in San Francisco in 2017. Among its features are a screen recorder, transcription tools, publishing tools, and some cutting-edge artificial intelligence. The platform lets users create instant transcriptions using drag-and-drop tools from audio, video, and other content, reducing the need to learn professional editing software. It is geared towards podcasters and videographers who aren’t familiar with professional editing tools.
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