AI video editing app Captions' parent company Mirage completes $75 million in financing

March 24th News, according to TechCrunch, Mirage, the parent company of AI video editing application Captions, has completed a $75 million growth funding round from General Catalyst's Customer Value Fund. Mirage has recently rebranded from "Captions" to an AI lab focused on self-developed models, targeting industries such as advertising and marketing. In January 2025, it will transition to a freemium model to compete with products like CapCut and Meta Edits. The company has trained specialized models for short video pacing and composition, as well as audio models that preserve accents. Captions has seen over 3.2 million downloads in the past year, generating $28.4 million in in-app revenue and creating over 200 million videos. Approximately 25% of its revenue comes from the United States. Mirage plans to integrate a web-based marketing suite with its mobile editing tools and will use the new funding for growth and expansion into high-growth Asian markets.