AI video editing app Mirage raises $75 million, with General Catalyst participating.

Mirage, the parent company of AI video editing app Captions, has raised $75 million in growth funding from General Catalyst's Customer Value Fund. Mirage has transformed from the "Captions" brand into an AI lab focused on developing its own models, targeting the advertising and marketing industry, and will switch to a freemium model in January 2025. Data shows that Captions has been downloaded over 3.2 million times in the past year, generating approximately $28.4 million in in-app revenue and producing over 200 million videos. The funding will be used for business growth and expansion in the Asian market. (TechCrunch)