Mirage Raises $75M for AI Video Editing Models

Mirage, formerly known as Captions, has raised $75 million in growth financing from General Catalyst's Customer Value Fund, signaling a major bet on AI-native video creation.

The company has undergone significant changes over the past year. It rebranded from Captions to Mirage to position itself as a broader AI lab, not just a captioning tool. Mirage has trained proprietary models specifically for pacing, framing, and attention dynamics in short-form videos.

Central to the new funding round is the company's focus on "assembly intelligence", which involves automatically assembling video content from different sources and components. This capability could transform high-volume content production for marketing and advertising.

The company also released an audio model that preserves accents in generated videos, addressing a key pain point for international users who found previous tools defaulting to an American accent. CEO Gaurav Misra cited his own father's experience using the app as the catalyst for building the feature.

The numbers back up the ambition. The Captions app has been downloaded 3.2 million times in the last year, powered over 200 million videos, and generates 75 percent of its revenue outside the US. It competes directly with ByteDance's CapCut and Meta's Edits.

For businesses investing in content marketing and AI-powered production pipelines, Mirage is an operator worth watching closely.