In a recent move, renowned software giant Adobe has acquired Bengaluru-based AI startup 'Rephrase.ai' operating under the banner 'Refresh AI.' This acquisition marks Adobe's strategic push into the realm of AI-powered video creation platforms. Co-founder Shivam Mangala confirmed the development on social media platform X, heralding a new phase in generative AI technology.
Mangala expressed his enthusiasm, stating, "Exciting news! Refresh AI has been acquired by a creative tech company, marking a transformative era in generative AI." However, details regarding the valuation of this acquisition remain undisclosed by both parties.
Job Opportunities for Refresh AI Employees within Adobe
Reports suggest that the majority of Refresh AI's workforce will transition to roles within Adobe. Mangala shared on platform X, "Embarking on this new journey within a larger organization opens boundless opportunities. I am thrilled to witness our team's innovations in the realm of generative AI. The horizon looks incredibly creative and promising."
Adobe's Focus on Talent and Innovation
An Adobe spokesperson highlighted their focus on talent and innovation, citing Refresh AI's impressive track record in both organic and inorganic innovation. The goal remains to augment value for stakeholders through continuous integration of fresh talent and cutting-edge innovations.
Adobe's Entry into Generative AI
This acquisition aligns with Adobe's earlier foray into generative artificial intelligence earlier in the year. The company highlighted glimpses of its AI-to-video capabilities at Adobe Max, its annual creativity conference, signalling its commitment to this evolving landscape.
Genesis of Bengaluru's Refresh AI
Refresh AI was founded in 2019 by IIT alumni Ashray Malhotra, Nishith Lahoti, and Shivam Mangala. The startup specializes in text-to-video generation, catering to influencers and content creators, facilitating the creation of professional-grade video content. Since its inception, Refresh AI has secured funding amounting to $13.9 million.
