North West-based animation SaaS business Viddyoze has bought an exciting AI firm whose cutting-edge technology can transcribe and repackage video and audio files into fresh content.
Viddyoze was co-founded by David Chamberlain, Joey Xoto and Jamie Garside in 2015 and the trio won the Judges Young Entrepreneur Award at the 2021 Northern Tech Awards after being described as a ‘young beacon of inspiration’.
Chamberlain has predicted the technology will be transformational for content creators and marketers, who want to maximise the value of their multimedia content.
He said: “We’re delighted to have acquired Summify. It’s part of our strategy of buying products that we think we can take forward. We’ll either integrate their software with our own products or keep them as a standalone.
“Summify works by taking video and audio content and turning it into a summarised version. For instance you might want to turn a two-hour video into a five-minute read.
“It will revolutionise multimedia content processing and its potential is limitless.”
Once the videos and audio files have been transcribed they can be converted into full blog posts and other written content.
Summify is Viddyoze’s second acquisition after buying London start-up Editr for an undisclosed sum in 2022.
Editr’s technology automatically generate subtitles for videos in more than 70 different languages.
Chamberlain added: “We’re looking to get some more acquisitions through the door. There’s going to be a mass democratisation of SaaS products.”
The entrepreneur predicted AI will continue to transform the sector.
“I view AI as a wave,” he said. “You can either ride the wave by being ready for it or you can allow it to wipe you out. There will always be sceptical people out there.”
The terms of the Summify deal have not been revealed.