Aug X Labs raises $3.1M to use AI to democratize video production
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.
GamesBeat Next 2023
Join the GamesBeat community in San Francisco this October 24-25. You’ll hear from the brightest minds within the gaming industry on latest developments and their take on the future of gaming.
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
Read more on venturebeat.com
