Mirage, formerly known as Captions, has secured $75 million in growth financing led by General Catalyst’s Customer Value Fund (CVF). The company is rapidly evolving from a mobile video editing app to an AI lab focused on building specialized models for industries like advertising and marketing. This funding will accelerate that expansion.
From Captions to a Full-Stack AI Lab
Mirage underwent a significant rebranding and strategic shift in the past year. This move signaled a departure from being solely a consumer application towards becoming a provider of AI models applicable across broader commercial sectors. One key model developed by Mirage specializes in pacing, framing, and attention dynamics for short-form video content – essential for platforms like TikTok, Reels, and YouTube Shorts.
The company also adopted a freemium business model in early 2025, positioning it more competitively against giants like ByteDance’s CapCut and Meta’s Edits. This change allows Mirage to offer a suite of tools for bulk video creation and distribution, targeting businesses alongside individual creators.
Addressing Global User Needs: Accent Preservation
Mirage has prioritized international accessibility. The development of their latest audio model directly addresses a common issue: AI-generated voices often fail to capture regional accents accurately. CEO Gaurav Misra highlighted the frustration experienced even by his own father, who found the app’s AI consistently flattened his Indian accent into a generic American tone. This demonstrates a real-world need for nuanced audio generation.
The company’s focus on addressing these gaps in AI capabilities is a key differentiator. It shows they’re not just building tools for English speakers in North America.
Impressive User Growth and Revenue
Data from AppFigures indicates that Captions has been downloaded over 3.2 million times in the last year, generating $28.4 million in in-app revenue. The platform has facilitated the creation of over 200 million videos, with only 25% of its revenue stemming from the U.S. This suggests a strong global presence and high demand for its editing tools.
Integrating Platforms for Small Business Solutions
Mirage currently operates two distinct platforms: a web-based marketing suite and a mobile-first editing app. The company plans to merge these to better serve small businesses seeking affordable, AI-powered video marketing solutions. This integration aims to streamline workflows and offer a more unified user experience.
Why This Matters: A Competitive Landscape
The AI video generation space is crowded, with established players like Canva, D-ID, HeyGen, Webflow, and Avataar all investing heavily in new models and features. However, General Catalyst’s Pranav Singhvi believes Mirage holds a significant advantage.
According to Singhvi, Mirage has “extremely figured out” its business equation, achieving an attractive return on investment. The company’s ability to scale efficiently and tap into a massive addressable market—starting with creators and expanding into enterprise solutions—sets it apart.
The fresh capital will enable Mirage to fuel growth and expand into high-growth markets in Asia, a region with rapidly increasing demand for AI-driven content creation tools.
Ultimately, Mirage’s success hinges on its ability to deliver superior unit economics and a product that resonates with both individual users and businesses worldwide. The company’s strategic pivot towards specialized AI models and its commitment to global accessibility position it as a major player in the evolving landscape of video creation.
