Miragethe maker of video editing app Captions, has raised $75 million in growth funding from General Catalyst’s Customer Value Fund (CVF).
Over the past year, the startup has made significant changes to both its product and corporate identity. The startup was renamed from Captions to Mirage to position itself as an artificial intelligence lab that produces different models and also targets industries like advertising and marketing. It has too trained a model especially for pacing, framing and attention dynamics in short videos.
The company also switched to a freemium model in January 2025 to better compete with apps like ByteDance’s CapCut and Meta’s Edits, which launched later in the year. It now also offers a video creation suite, with some of the features from Subtitles, that allows companies to create and distribute videos en masse.
Mirage co-founder and CEO Gaurav Misra said the company aims to build more models. However, it didn’t specify what its next line of models will do, saying only that they will focus on “assembly intelligence” — basically creating a video using different sources and elements.
Speaking about Mirage’s new audio model, which it claims can preserve accents in generated videos, Misra said: “The reason for the audio model was that we noticed there was a gap in accents because a lot of our users are international. Accents are just very important. There was the example of my father. He was trying to use the app and he was saying a word with an American accent. accent.”
According to data from analytics company AppFigures, Captions has been downloaded over 3.2 million times in the last 365 days and generated $28.4 million in in-app revenue. Misra said the platform has been used to create more than 200 million videos so far and has attracted an international user base, with only 25% of its revenue coming from the US
Currently, Mirage’s marketing suite is available on the web, and Captions largely offers a mobile-oriented editing suite. The company aims to merge these two platforms to better target small businesses that may want to create marketing videos.
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Pranav Singhvi, managing director of General Catalyst’s CVF fund, said Mirage has an excellent product market fit.
“Mirage’s business equation is extremely understandable. They know exactly how to spend that dollar and create a very attractive ROI. If you think about the market they’re looking for, it’s in a sense an infinite total addressable market. You can start in the creator world, the influencer world, and then use that as a mechanism to sell to businesses as well,” STechrCunchh said.
There are tons of companies building AI video production pipelines for marketing. Canva has introduced several tools around marketing creation and tracking, while platforms like D-ID, Hey GenWebflow and Avataar have released new models and features.
However, Singhvi seems confident about the positioning and economics of the Mirage unit. “Regardless of what other tools are out there, the Mirage is clearly ahead of the pack from a unit cost perspective. Ultimately, it’s all a reflection of their product,” he said.
Mirage aims to use the fresh capital to fuel growth and expand into high-growth Asian markets.
