Adobe Acquiring Rephrase.ai, A Generative AI video technology

Learn what’s going on in the tech world in a single article. We provide updates on latest news in the tech world from tech company acquisition to latest developments in the tech world. In this article we will talk about Adobe’s new acquisition in the AI sector, cryptocurrency fall in market price and more news from the tech world.

Rephrase.ai, a generative AI video tech platform developed by a Bengaluru-based company has been bought by Adobe. Rephrase.ai was co-founded by Shivam Mangla wrote on X, formerly known as Twitter, “Exciting news! Rephrase.ai is getting acquired by a pioneering creative tech company (Adobe), ushering us into the new era of Generative AI.”

After this acquisition by Adobe, the majority of the company’s employees would join Adobe. The Economic Times reported an estimated value of the deal and stated the investors of Rephrase.ai will most likely get full cash exit. Founders of the company will be compensated with Adobe shares and cash as well.

Wipro founded in 1945 became one of the world’s largest IT firms that initially started as a family-run vegetable oil factory in Amalner, an Indian village. Today the company has offices in several countries around the globe and operates in over 167 countries.

Wipro played a major role in AI sector by developing generative AI. Its team consisting of more than 30,000 experts of AI and Analytics, have started creating their own LLMs or Large Language Models that are per-trained on large amount of data.

Sriram Narasimhan, Wipro’s Global Head of Data. Analytics and Insights says that AI video generators will transform video creation and streamline the earlier time-consuming process. Programs integrating AI algorithms alongside video editing software will produce high-quality videos be it new video or editing earlier video content. AI-powered generators will automate the video editing process that earlier relied heavily on human-input without compromising quality.

Cryptocurrency market fell on Tuesday to 1,321 billion dollars which is a drop of 65.01 billion dollars. On August the cryptocurrency market saw the biggest single-day drop of 68.93 billion dollars. Comparing the present loss with the loss in August it does not seem bad.

The rumors about FTX filing for bankruptcy led to the market loss of 220 billion dollars within two session in November 2022. Fear about potential collapse subsided when Binance compiled with withdrawal conditions but its own BNB coin was unable to recover its losses from Tuesday.On Wednesday, BNB saw increase of 4.65% that corrected the decline by 10.86%.