Moments Lab, a Paris-based startup, recently secured $24 million in Series B funding to advance its AI tools that aid Hollywood and media companies in video production. Founded in 2016 by twin brothers Fred and Philippe Petitpont, the company has raised a total of $37.4 million. Its flagship technology, MXT-2, indexes video libraries and automates video clip generation, offering substantial savings in time and cost. Clients include major companies like WBD and Hearst, who leverage Moments Lab's tools to accelerate video output and boost revenue through social media content.
"For them, it's a way to create new revenue streams," Petitpont told Business Insider, referring to revenue from social media. "Before now, it was very complicated for production companies to create engaging content quickly."
Philippe Petitpont said the tech can identify soundbites for clips for social media and things like trailers and highlight reels about seven times as fast as an employee could, citing internal research.
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