Mirage, the creator of the video editing application Captions, has successfully secured $75 million in growth funding from General Catalyst’s Customer Value Fund (CVF).

Throughout the past year, the company has implemented substantial modifications to its product and corporate branding. The business transitioned from Captions to Mirage in order to establish itself as an AI laboratory that develops various models and serves sectors like advertising and marketing. It has also developed a model specifically designed for pacing, framing, and attention dynamics in brief videos.

In January 2025, the firm adopted a freemium model to enhance its competitiveness against applications like ByteDance’s CapCut and Meta’s Edits, which was launched later that year. It now offers a comprehensive video creation suite, incorporating several features from Captions, allowing businesses to produce and share videos in large quantities.

Gaurav Misra, co-founder and CEO of Mirage, mentioned that the organization intends to develop additional models. However, he did not elaborate on what the forthcoming models would accomplish, merely stating that they would concentrate on “assembly intelligence” — essentially assembling a video from various sources and elements.

Discussing Mirage’s innovative audio model, which claims to maintain accents in generated videos, Misra remarked, “The rationale behind the audio model was our discovery of an accent gap because many of our users are international. Accents hold significant importance. I recall my dad trying to utilize the app, and he would pronounce a word in an Indian accent, which always translated into an American accent in the app.”

According to information from analytics firm AppFigures, Captions has been downloaded over 3.2 million times in the past year, generating $28.4 million in in-app revenue. Misra stated that the platform has been utilized to produce over 200 million videos to date, attracting a global user base, with only 25% of its revenue originating from the U.S.

Presently, Mirage’s marketing suite is accessible online, while Captions primarily provides a mobile-optimized editing suite. The organization plans to integrate these two platforms to more effectively target small businesses that may wish to develop marketing videos.

Pranav Singhvi, managing director of General Catalyst’s CVF fund, mentioned that Mirage possesses strong product-market alignment.

“Mirage’s business model is thoroughly understood. They have a clear strategy for utilizing each dollar to achieve an appealing ROI. Considering the market they are pursuing, it’s essentially an infinite total addressable market. They can initiate within the creator and influencer sectors and subsequently leverage that to sell to enterprises as well,” Singhvi conveyed to TechCrunch.

Numerous companies are developing AI video-generation frameworks for marketing. Canva has rolled out various tools for marketing creation and analytics, while platforms such as D-ID, HeyGen, Webflow, and Avataar have been launching new models and features.

Nevertheless, Singhvi appears to have confidence in Mirage’s positioning and unit economics. “Despite the existence of other tools, Mirage is evidently ahead of the competition from a unit economics standpoint. Ultimately, it’s all a reflection of their product,” he noted.

Mirage intends to utilize the new funding to accelerate growth and expand into rapidly growing Asian markets.