Japan-based video editing product supplier Open8 has received ¥1.5bn ($13m) in a series A round backed by Mirai Creation Fund, a VC partnership between carmaker Toyota and financial services firm Sumitomo Mitsui Banking Corporation, The Bridge has reported.
The round also featured VC firm World Innovation Lab. Mirai Creation Fund is operated by asset management firm Sparx Group, which also invested in the fund
Open8 has launched an automated video creation engine called LeTronc AI, which uses artificial intelligence (AI) to choose from a range of visual samples and match them with specific scenes. It also offers AI-powered distribution software for video marketing targeting a female demographic.
Open8 has now raised approximately $36m in funding, according to The Bridge, including $6.6m in a 2015 round backed by media and e-commerce firm iStyle, internet company Excite Japan, TBS Innovation Partners, which invests as a subsidiary of mass media group Tokyo Broadcasting System, and investment firm Jafco.