Video Streaming Gets An AI Boost

Apple Acquires Smart Video Compression Platform, OpenView Raises Record Seventh Fund, and a Startup Brews Up Funding for its Tech.

Author

Adam from VC Brags
March 28, 2023

Welcome Shareholders,

In this daily edition of the Brags Newsletter, we'll cover how Apple is looking to level up its video streaming game with the acquisition of an AI startup, A VC's seventh fund raises $570 million sending strong signals to tech startups, and a startupā€™s hyper-fermentation platform receives strong interest from VCs.

So sit back, grab a snack, and enjoy!

Venture Today šŸ‘

  • Apple has acquired Mountain-View-based WaveOne, which develops AI algorithms for compressing video, in a move to bolster its video streaming services.

WaveOne took advantage of the latest advancements in machine learning and deep tech to create custom-tailored, context-dependent solutions. Utilizing AI-driven scene and object detection, WaveOne's technology can effectively "understand" video frames, enabling it to prioritize faces over other elements within a scene, thereby conserving bandwidth.

The startup's video compression technology is also resilient to abrupt connectivity disruptions, intelligently making a "best guess" with available data to prevent video freezing, instead displaying reduced detail temporarily. Using this approach, WaveOne can reduce the size of video files by as much as half regardless of the device being used, with better gains seen in more complex scenes. Apple will likely integrate the company's tech into Apple TV+ to deliver higher frame rates and resolutions.

Who's Raising?

  • Three years after unveiling its sixth fund, OpenView Venture Partners is returning with $570 million in capital commitments for its seventh fund, aimed at supporting technology startups.

The new funding represents a 25% leap over the prior funds' $450 million raise, marking a new record raise for the company. The Boston-based venture capital firm initially expressed plans to raise funds in January 2022, setting a hard cap of $800 million.

The firm said it would maintain its investment focus on high-growth software startups, particularly targeting areas like infrastructure, applications, cybersecurity, and vertical software, generating annual recurring revenue of between $1 and $10 million. OpenView made 16 investments from its sixth fund and anticipates that it could invest in up to 20 companies over the next few years. The venture firm has made its first investment from the new fund in Rewst, which focuses on robotic process automation targeting managed services providers.

Startup of the Day

  • AgTech Startup Cauldron has raised AUD$10.5 million ($6.98 million) in an oversubscribed seed funding round led by Main Sequence to scale its precision funding tech.

Cauldron aims to construct the largest precision fermentation network in Asia-Pacific, utilizing a hyper-fermentation platform to produce innovative food, feed, and fiber, helping pave the way for unlocking a $700 billion global industry opportunity.

Cauldron plans to expand its pilot facility in Orange, New South Wales, and build a network of precision fermentation facilities in regional Australia. This will utilize the country's agricultural expertise and feedstock, create new local jobs, and diversify the industry.

Fresh Finds

  • Krisp supports all audio apps out-of-the-box without needing additional software to support specific applications.

  • Compared to the transaction services that need to be manually ignited or configured to transcribe, Krisp's transcription services are on by default, giving unrestricted access to unlimited, free meeting transcriptions.

  • Krisp Safeguards personal information since the voice doesn't leave the user's device.

Memes and Other Things

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