Indian video editing platform InVideo is launching a generative AI-powered video creation feature that lets you use prompts to generate video clips.
The platform, backed by the likes of Tiger Global and Peak XV, is calling this release InVideo v3.0. You can use text prompts to generate a video in various styles including live-action, animated or anime-style, and export the resulting video in formats suitable for YouTube, Shorts/Reels, and Linkedin. Users can also edit these videos by prompting for changes or additions to specific parts of a clip.
InVideo hasn’t developed its own model to power this feature. Instead, it’s using a pipeline of different models to parse prompts and generate videos.
Sanket Shah, InVideo’s co-founder and CEO, told TechCrunch that theoretically there’s no upper limit to how long these generated videos can be, but users will be capped at how many generation credits they have. There doesn’t seem to be a free tier.
To foot the bills for this new feature, the company is adding a new paid plan called Generative Plan, which lets you generate 15 minutes of video for $120 per month. Users can buy additional minutes for $8 to $10 per minute on any plan, the company said.
Last year, the app released a prompt-based video generation feature that could not create videos from scratch, but just patched up licensed stock footage and photos into a video, which looked a tad crude.
While the new tool can generate videos multiple minutes in length, if you check out the videos on the company’s site, you will notice the style and quality of the video changing mid-video, which feels off. The startup said it will improve the tool’s generation ability with time.
The company is diving into a space where other video editors, such as Captions, D-ID and Lightricks, have introduced AI-powered video generation for the different segments of the market.
Shah said that compared to other video editing tools, InVideo has a simpler interface for creating AI-generated videos. While some competitors are targeting filmmakers, ad agencies, and sales and marketing teams, InVideo wants to target individuals, creators, and small businesses.
He noted that the company currently has 4 million monthly active users, and the tool has generated 7 million videos in the last 30 days.
InVideo’s logic for using AI to generate videos is similar to that of its competitors. Anyone can use their phones to capture some footage and use editing software to make a video. But video editing apps adopting AI features want users to imagine more expansive videos and possibly spend more money for generative AI features.
The company raised its last round of $35 million from firms like Greenoaks, Tiger Global and PeakXV in 2021. Shah mentioned that the startup still has $25 million in the bank and is “hardly burning any money.”
“I think InVideo v3.0 is a big audacious step towards our purpose. We have a lot of investor interest, but we will look to partner with the right partner in the coming few quarters,” he told TechCrunch.
Shah added the company is on track to register $50 million in revenues this year.
