NEW YORK, NEW YORK
Aug 10, 2023
Aug X Labs’ core product Augie, a “Prompt-to-Video” tool for content creators that uses generative AI technologies, has seen double digit usage growth since its launch earlier this year.
Aug X Labs, a company dedicated to democratizing video creation through AI technologies, today announced it has secured an over-subscribed seed funding round of $3.1M. The funds 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.
The funding round is led by Unlock Venture Partners joined by Dropbox Ventures, Flying Fish Ventures, and Hyde Park Venture Partners. Additional investors in the round include new investors Zenture VP, Magnesium Studio, Shae Hong (CEO, Made by Gather), Eric Ries (Author, The Lean Startup), and continued participation from pre-seed investors. The company also received funding from the Carnegie Mellon Swartz Center for Entrepreneurship’s VentureBridge program.
"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,” said Andy Liu, Managing Partner, Unlock Venture Partners. “Their ingenuity and dedication are precisely why we believe Aug X Labs is poised for transformative growth."
“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,” said Donald Tucker, Head of Corporate Development and Ventures at Dropbox. “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.”
The company’s core product, Augie, is an AI-assisted video creator that is re-inventing and democratizing access to video marketing. Augie transforms words into videos. Users start with a prompt, a script, narration, a recording, or clips and Augie analyzes the content and creates a video to match the words. 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 uses AI to automatically derive context from images and clips, using a combination of computer vision, metadata, GPT, and NLP technologies. The platform also 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.
“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,” said Jeremy Toeman, founder and CEO of Aug X Labs. “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.”
To try Augie for free, go to https://beta.meetaugie.com/. For more information please visit Aug X Labs or LinkedIn or Discord.
ABOUT AUG X LABS
Aug X Labs is an AI-based “prompt to video” technology and publishing startup focused on helping creators bring relevant and compelling visuals into their video stories. Our primary focus is to build tools for creators that help democratize video creation by transforming anyone’s words or thoughts into dynamic, engaging, and relevant video content in mere minutes. We are a company intent on making technology easier for creators, allowing them to focus on having fun while engaging with their communities. To try Augie for free, go to https://beta.meetaugie.com and for more information please visit Aug X Labs or LinkedIn.
FOR MORE INFORMATION CONTACT:
Gabi Rubino / Aug X Labs