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Captions acquires digital canvas platform Alpaca
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Nov 28, 2024
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Generative AI Applications

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Nov 28, 2024

Captions acquires digital canvas platform Alpaca

M&A

  • AI video creation startup Captions has reportedly acquired AlpacaML, an AI-powered digital canvas platform.

  • The acquisition of AlpacaML is expected to enhance Captions' capabilities in generative video technology. AlpacaML specializes in rapidly transforming initial sketches into finished drafts, catering to artists and creative professionals.

  • Post-acquisition, AlpacaML's CEO William Buchwalter will join Captions as a research engineer, while all six of Alpaca's employees have been offered positions within Captions' product engineering teams. Additionally, Drew Jaegle, a former DeepMind research scientist, has been appointed head of AI at Captions to lead its expanding AI research arm.

  • Analyst QuickTake: This acquisition marks Captions' first-ever acquisition. Over the past year, Captions has reportedly expanded its user base to over 10 million global creators who have produced over 3 million videos. The company's workforce also grew from 15 to 60 employees. Earlier in July 2024, Captions raised USD 60 million in Series C funding, bringing its total capital to over USD 100 million and valuing the company at USD 500 million.

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