Venture-Backed Video Management Startup
Axle AI is software that helps media teams search for and manage their video content.
Using Artificial Intelligence and machine learning, this software enables companies to:
• Search for, tag, and manage video footage.
• Build cost-effective automated video processes.
• And create transcriptions of all dialogue.
Axle AI is used by the video departments of the world’s biggest companies. These include Amazon, Facebook, Paramount, Warner Brothers, and Reebok.
The company has raised funds from notable investors including Jason Calacanis and Quake Capital. Now it’s seeking additional capital to expand its customer base.
Worldwide, approximately 300,000 teams shoot and edit video. By 2024, that number is expected to double.
In 2017, companies spent just under $7 billion storing video-created content. By 2024, they’re projected to spend $16 billion.
In the last six months, two public companies have targeted video management solutions. Vimeo (Nasdaq: VMEO) launched its Video Library platform just before its IPO. And Quantum (Nasdaq: QMCO) acquired Square Box Systems, a similar competitor to Axle.ai, in one of 11 M&A transactions in this space in the last eight months.
The bottom line: companies are creating more video content than ever. And they need tools to store and edit this footage.
The problem is that most video tools are primitive. Current options include loose hard drives, post-it notes, and basic spreadsheets.
According to Axle AI, video editors spend up to 40% of their time searching for content. Studies have shown that significant time is wasted when companies re-shoot material simply because it can’t be found.
Some companies offer video management solutions. But these are mostly semi-custom enterprise software programs that can cost $50,000.
Axle AI offers an advanced, affordable alternative. The company offers three products:
• Flagship software: This software lets creative teams search, tag, and manage their media through a web browser interface.
• Connectr.ai: This is a visual workflow tool that helps teams build cost-effective automated video processes without requiring extensive coding knowledge.
• Ascribe.ai: This enables companies to receive transcriptions of all dialogue spoken in a video.
Here’s how these products work together:
When a customer logs in to Axle AI, they’ll see all the video files they’ve created. The software automatically creates previews of each file, making it easy to search for specific clips.
Customers can also scroll through the thumbnail preview of a clip to see if it’s the content they’re looking for.
When viewing a specific clip, customers can add tags to the video, and even add comments during specific parts of the video. AI-powered tools identify who is in the video and at what points they appear. (For example, “Bob” appears three times in the video: at 10 seconds, 30 seconds, and the 1-minute mark.)
Axle AI generates revenue through software license sales, and recurring revenue from use of its software.
According to the company, the average customer has a lifetime value of $13,000, versus an acquisition cost of just $3,500.
In 2020, the company brought in sales of $667,000, and generated $416,000 in sales during the first five months of 2021.
Before starting Axle AI, Sam was Director of Software Development with Avid, a computer software company. While there, he helped increase company sales from $17 million to $55 million in a five-year period.
Prior to that, he founded SeeFile Software, a company helping customers publish and organize media files. He also founded Torque Systems, another software company focused on digital asset management.
Sam earned a Bachelor’s degree in Physics from Harvard.
Patrice worked with Sam at his previous company, SeeFile Software. He worked there for six years as the company’s Global Account Manager.
Before that, he was a college tutor, specializing in computer science and IT-related courses. He began his career as a computer technician for a school in France, where he coordinated hardware and software maintenance.
Patrice earned an Associate’s degree in International Business from Bunker Hill Community College.
Neil was previously Director of Waterside Media Limited, a broadcast company specializing in post production media management. Before that, he was a partner at Cambridge Imaging Systems, a computer software company.
Neil worked with Sam at Avid Technology, serving as a technology manager, and was previously a director at a video and broadcasting consulting company.
He studied Electronics Engineering at Jewel & Esk College.
Alex spent eight years as Director of Business Development with Enfocus, a computer software company. Prior to that, he was a consultant for Ricoh, a Japanese electronics company.
Earlier in his career, he worked for Computers & Communications Consulting, and was a marketing consultant for Fujifilm, a photography company.
Alex earned a Bachelor’s degree from Hobart College.
An accelerator founded by notable angel investor Jason Calacanis. This program offers networking and capital to early-stage startups.
A venture capital group and startup accelerator investing in seed-stage companies.