Aug X Labs – a company dedicated to democratizing video creation through AI technologies – recently announced it has secured an over-subscribed seed funding round of $3.1 million. The funding round will be used to hire and retain staff, continue core technology development, and expand customer acquisition efforts for the flagship Augie product as it exits beta later this year.
Unlock Venture Partners led the funding round, and Dropbox Ventures, Flying Fish Ventures, and Hyde Park Venture Partners joined them. Additional investors in the funding round include new investors Zenture VP, Magnesium Studio, Shae Hong (CEO, Made by Gather), Eric Ries (Author, The Lean Startup), and saw continued participation from pre-seed investors. The company also received funding from the Carnegie Mellon Swartz Center for Entrepreneurship’s VentureBridge program.
The company’s core product Augie is an AI-assisted video creator that is re-inventing and democratizing access to video marketing. And Augie transforms words into videos.
Users start with a prompt, a script, narration, a recording, or clips. Then, Augie analyzes the content and creates a video to match the words. Plus, Augie also automatically supplements a user’s video with high-quality, commercially licensed stock video footage to create rich, premium content. Augie can be accessed via any browser, and a dedicated mobile experience is coming soon.
Augie’s content-matching system utilizes AI to automatically derive context from images and clips, using a combination of computer vision, metadata, GPT, and NLP technologies. The platform includes AI Voices and Voice Cloning from ElevenLabs, synthetic and generative media via Replicate.AI, and a variety of other advanced technologies from leading AI technology providers including AWS, OpenAI, and Hugging Face.
KEY QUOTES:
“We’re delighted to lead this funding round for Aug X Labs. What excites us the most is the team’s exceptional ability to blend technological innovation and generative AI with user-focused design. 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. Their ingenuity and dedication are precisely why we believe Aug X Labs is poised for transformative growth.”
— Andy Liu, Managing Partner, Unlock Venture Partners
“Aug X Labs’ easy-to-use AI-powered video tool, coupled with its deep understanding of the problems and opportunities their customers face, makes them uniquely positioned to become a leader in the AI-driven video creation space. Dropbox Ventures is excited to partner with the Aug X Labs team to help accelerate their mission of making video content creation faster, easier and more accessible to all.”
— Donald Tucker, Head of Corporate Development and Ventures at Dropbox
“We’ve learned so much since launching Augie into open beta and in that time have taken monumental steps forward in both the power and capabilities of our generative AI video creation platform, giving businesses an easy and effective way to promote themselves and reach new audiences. This funding round empowers us to expand the team and product to meet the demands of our current and future users. We’ve seen tremendous interest in Augie, with double-digit growth since our beta launch, and our power users create an average of 37 Augies per month.”
— Jeremy Toeman, founder and CEO of Aug X Labs
