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The Basque AI video generation startup Vidext raises 2 million in a financing round

MADRID, 10 Abr.

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The Basque AI video generation startup Vidext raises 2 million in a financing round

MADRID, 10 Abr. (EUROPA PRESS) -

The Guipúzcoa-based video generation startup Vidext has raised two million euros in a financing round led by the venture capital firm 4Founders Capital, which had previously invested in the company, and in the Draper B1 and Sabadell Venture Capital have also participated, as reported by the company in a statement.

The funds obtained will allow the company to boost its growth and will be used to develop a new version of the product that is expected to improve its quality and expand its use cases.

"This update will be especially focused on human resources and commercial teams, providing innovative solutions for their specific needs," Vidext detailed.

The investment raised will also be used for the company's international expansion, with the aim of consolidating its presence in "key markets."

"89% of new content on the Internet is presented in video format and the traditional way of producing them is long and expensive. At Vidext we want to transform this dynamic, significantly reducing production times and costs," highlighted the CEO of Vidext, Jon Enriquez.

Vidext claims that its tool can be used for internal company communication, team building and for creating product videos due to its ability to transform text or static presentations into videos using artificial intelligence.

In this sense, the startup has emphasized that companies such as Iberdrola, Cepsa, Correos or Isdin have already used its technology.

Vidext was founded in 2021 by Jon Enriquez, Beñat Arrizabalaga and Miguel Angel Castillo and its initial product was backed by 4Founders Capital in its first investment round in 2022.

In this context, 4Founders Capital partner Jesús Monleon highlighted that the Basque startup has demonstrated "exceptional growth" and has expressed the fund's interest in continuing to support this project.

"We firmly believe in the founding team and we are sure that with this new investment they will continue to lead the market and consolidate their position globally," he added.