😲 Why did Adobe acquire an Indian AI startup?
Adobe has just acquired an Indian startup in a move that could change the landscape of the creative industry forever. How? Read on.
While the internet is going bonkers over the Open AI-Sam Altman Saga, Adobe is silently making strides in the tech world.
It just made a splash in the Indian startup pool by acquiring Rephrase.ai, a Bengaluru-based startup in AI-powered video creation.
This isn't just any regular business move. It is Adobe's first-ever dive into both the Indian startup scene and the generative AI arena. Imagine the possibilities!
Adobe x Rephrase.ai - Match Made in Heaven?
What is even Rephrase.ai and what is in it for Adobe?
If you are a Shah Rukh fan (well, who isn't), you would remember, a couple of years ago, he featured in a campaign, where you could get your small business advertised, by none other than King Khan himself! This grandiose campaign launched by Mondelez (Cadbury) was made possible by Rephrase.ai:
Rephrase.ai specializes in AI-driven video creation, offering a text-to-video generation platform that simplifies video creation. Established in 2019 by IIT alumni Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, this startup has raised about $13.9 million in funding till date, with its largest funding round being $10.6 million in September 2022.
Well, Rephrase.ai is not your average video creation tool. It's like having a virtual director and actor rolled into one, thanks to its AI-driven capabilities. Yes, you can create ultra-realistic videos without needing an actual camera or actors!
Now, combine this with Adobe's Creative Cloud, and you've got a powerhouse for content creators and marketers.
This integration is expected to significantly enhance Adobe's array of services, especially in AI-driven video content tools.
We're talking about a level of personalisation in marketing campaigns that was once in the realm of sci-fi!
Adobe picking a Bengaluru startup isn't just a pat on the back; it's a spotlight on the tech talent we've got brewing in the country. And it's not just about the tech. Adobe is bringing onboard the brains behind Rephrase.ai, reflecting a deep investment in Indian intellect and creativity.
This acquisition is a major validation of the technological innovation and talent emerging from India. The move could attract more global tech giants to look at Indian startups for acquisitions, partnerships, and collaborations.
Generative AI: The Creative Industry’s Game Changer
The global generative AI market was valued at $10.5 billion in 2022, and is expected to reach a whopping $191.8 billion by 2032, growing at a 34.1% CAGR during the period!
That's not just big, it's gigantic!
The McKinsey Global Survey on the current state of AI highlights the explosive growth of generative AI tools. Within a year of their debut, one-third of respondents reported using these tools regularly in at least one business function.
About a quarter of C-suite executives are personally using generative AI tools for work, and more than a quarter of companies using AI have gen AI on their boards' agendas. This shift demonstrates that AI has transcended its tech-centric origins to become a focal point for company leaders.
What's in store for the creative industry, you ask?
Well, it's a whole new world out here.
Imagine being an artist or designer and having this cool AI sidekick that can help you churn out more artwork in less time. We're talking about AI that can whip up millions of images daily or add that extra oomph to your designs. It's like having a creative genie in your pocket!
And Adobe has realised this. It isn't just about making cool videos, it's a glimpse into a future where AI is an integral part of how we create and consume content.
Think about it – personalised ads that don’t just know your name but can tailor the visual and narrative content dynamically to your preferences!
However, it's not all roses and sunshine. With AI stepping into the creative process, there's a bit of a debate brewing. How much of this AI-generated stuff can we call truly creative or original?
Might we lose that human touch in art? Might we lose that emotional depth in our designs and creativity?
Well, for the time being, while AI is super smart, it still needs a sprinkle of human brilliance to really make magic happen. Behind that screen, training that AI, still sits a human that checks the box saying ‘I am human’.
As we wrap this up, here's a food for thought: With AI becoming more integrated into our creative processes, how will our understanding of creativity evolve? Will AI be a tool that extends human creativity, or will it start to redefine what creativity means in the digital age?
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