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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