Lightricks

Auto Added by WPeMatico

Facetune maker Lightricks raises $130 million ahead of M&A plans

Facetune developer Lightricks, which operates more than a dozen subscription-based photo- and video-editing apps across iOS and Android, now has $130 million in new funding to further grow its business. The company’s newly announced Series D round includes $100 million in primary and $30 million in secondary funding, and now values the company at $1.8 billion. To date, Lightricks has raised $335 million.

The new round was co-led by New York-based VC firm Insight Partners and Hanaco Venture Capital and includes new investors Migdal Insurance, Altshuler Shaham and Shavit Capital. Existing investors Goldman Sachs Asset Management, Claltech, Harel Insurance and Finance, and Greycroft, also participated.

The company’s last round of funding was its pre-pandemic raise of $135 million, which minted the company as a unicorn.

Based in Jerusalem, Lightricks has been best known for its photo-editing app Facetune, which puts Photoshop-like retouching tools into the hands of consumers. The app quickly gained traction as online influencers tweaked their Instagram photos to look more polished, perfected and blemish-free. This growth wasn’t without controversy, however, as some argued how image-editing apps like Facetune took airbrushing too far, contributing to body image issues that now, Facebook’s internal research indicates, could have a negative effect on teenagers’ mental health.

But Facetune was only the beginning for what’s since become a mobile editing empire for Lightricks, at a time when everyone is trying to look their best online and create compelling content. Over the years, the company has rolled out the more powerful Facetune 2, along with other creativity and mobile photo apps that weren’t focused on selfies. It also expanded its product lineup beyond the creator crowd to bring a suite of tools to online marketers and small businesses. And last year, Lightricks more directly responded to the growth in online video as a form of self-expression with a new selfie retouching tool called Facetune Video — essentially Facetune for the TikTok era.

Image Credits: Lightricks

The company benefitted from COVID-19 lockdowns, as well, as more people participated online and creators, as a group, became more well-established as a way for brands to reach consumers. During peak lockdowns, the company saw a 90% increase in usage across its apps in the U.S. Meanwhile, downloads for its popular Videoleap video editing apps jumped 70% since the start of the pandemic, as TikTok adoption also grew.

Across its suite of apps, the company now touts 29 million monthly active users, where over 5 million are paid subscribers. Its users average around 78 million monthly exports, indicating Lightricks’ sizable impact on the creator economy. In 2021, Lightricks is on track for over $200 million in revenue and plans to grow that figure by 40% in the year ahead.

To do so, the company’s strategy will change. Instead of just developing its own apps, it’s now on the hunt for potential acquisitions.

“Our plan is to grow into a one-stop shop creator platform, supporting creators throughout their journey, from content creation to monetization,” says Zeev Farbman, CEO and co-founder of Lightricks. “To do so, we are broadening our acquisition activity, while developing other services in-house — our overall M&A objective is advancing our shift into the creator’s platform. To begin, we are planning between three to five acquisitions, each with a budget of tens of millions of dollars. However, we are also on the lookout for larger ticket size deals if there is enough conviction on both sides,” he notes.

Image Credits: Lightricks

The company will also enhance its own technology to develop tools and services that will help all creators with content production and monetization, and it will grow its team.

Currently, Lightricks has 460 employees and plans to add 60 more by the end of 2021. The longer-term goal is to grow the team to 1,000 employees by the end of 2023, across roles that include developers, designers and marketing. While most of this growth to date has taken place in Jerusalem, over the next two years, the company plans to grow its teams locally in Haifa, as well as internationally in London and Shenzhen. It may add other locations through M&As, as well.

The U.K. office is now the largest outside of Lightricks’ headquarters, with 23 people. This number is expected to climb to 35 by year-end and be closer to 50 or 60 by the end of 2022, with growth focused on the production of the company’s new photography app plus customer experience and marketing teams, which were previously only in Israel.

In the U.S., Lightricks is focused on content.

“Our U.S.-based activity will focus mostly on our content efforts that will provide a vast array of original, acquired and co-produced content to inspire, educate and entertain creators across the entirety of their careers,” notes Farbman. “This includes written, video, audio, short and long-form, fun and informative content,” he says.

Investors say they see the potential for Lightricks to continue to grow as the creator economy booms.

“The creator economy has changed the way we, as a society, experience social networks,” said Pasha Romanovski, co-founding partner of Hanaco Ventures, in a statement. “Audiences constantly consume information through the different content channels daily. Lightricks’ platform enables creators to have a broader, more professional, and higher-quality set of tools to optimize content. At a time when we are seeing content creators monetize content on social media at new levels, it is clear that Lightricks’ platform has the ability to create a one-stop shop that will be meaningful to its users,” he added.

 

Powered by WPeMatico

Facetune maker Lightricks brings its popular selfie retouching features to video

Lightricks, the startup behind a suite of photo and video editing apps — including most notably, selfie editor Facetune 2 — is taking its retouching capabilities to video. Today, the company is launching Facetune Video, a selfie video editing app, that allows users to retouch and edit their selfie and portrait videos using a set of A.I.-powered tools.

While there are other selfie video editors on the market, most today are generally focused on edits involving filters and presets, virtually adding makeup, or using AR or stickers to decorate your video in some way. Facetune Video, meanwhile, is focused on creating a photorealistic video by offering a set of features similar to those found in Lightricks’ flagship app, Facetune .

That means users are able to retouch their face with tools for skin smoothing, teeth whitening, and face reshaping, plus eye color, makeup, conceal, glow, and matte features. In addition, users can tweak tools for general video edits, like adjusting the brightness, contrast, color, and more, like other video editing apps allow for. And these edits can be applied in real-time to see how they look as the video plays, instead of after the fact.

In addition, users can apply the effect to one frame only and Facetune Video’s post-processing technology and neural networks will simultaneously apply an effect to the same area of every frame throughout the entire video, making it easier to quickly retouch a problem area without having to go frame-by-frame to do so.

“In Facetune Video, the 3D face model plays a significant role; users edit only one video frame, but it’s on us, behind-the-scenes, to automatically project the location of their edits to 2D face mesh coordinates derived from the 3D face model, and then apply them consistently on all other frames in the video,” explains Lightricks co-founder and CEO Zeev Farbman. “A Lightricks app needs to be not only powerful, but fun to use, so it’s critical to us that this all happens quickly and seamlessly,” he says.

Users can also save their favorite editing functions as “presets” allowing them to quickly apply their preferred settings to any video automatically.

In a future version of the app, the company plans to introduce a “heal” function which, like Facetune, will allow users to easily remove blemishes.

Image Credits: Lightricks

The technology that makes these selfie video edits work involves Lightricks’ deep neural networks that utilize facial feature detection and geometry analysis for the app’s retouching capabilities. These processes work in real-time without having to transmit data to the cloud first. There’s also no lag or delay while files are rendering.

In addition, Facetune Video uses the facial feature detection along with 3D face modeling A.I. to ensure that every part of the user’s face is captured for editing and retouching, the company says.

“What we’re also doing is taking advantage of lightweight neural networks. Before the user has even begun to retouch their selfie video, A.I.-powered algorithms are already working so that the user experience is quick and interactive,” says Farbman.

The app also does automated segmentation of more complex parts of the face like the interior of the eye, hair, or the lips, which helps it achieve a more accurate end result.

“It’s finding a balance between accuracy in the strength of the face modeling we use, and speed,” Farbman adds.

One challenge here was overcoming the issue of jittering effects, which is when the applied effect shakes as the video plays. The company didn’t want its resulting videos to have this problem, which makes the end result look gimmicky, so it worked to eliminate any shake-like effects and other face tracking issues so videos would look more polished and professional in the end.

The app builds off the company’s existing success and brand recognition with Facetune. With the new app, for example, the retouch algorithms mimic the original Facetune 2 experience, so users familiar with Facetune 2 will be able to quickly get the hang of the retouch tools.

Image Credits: Lightricks

The launch of the new app expands Lightricks further in the direction of video, which has become a more popular way of expressing yourself across social media, thanks to the growing use of apps like TikTok and features like Instagram Stories, for example.

Before, Lightricks’ flagship video product, however, was Videoleap, which focused on more traditional video editing, and not selfie videos where face retouching could be used.

Facetune has become so widely used, its name has become a verb — as in, “she facetunes her photos.” But it has also been criticized at times for its unrealistic results. (Of course, that’s more on the app’s users sliding the smoothing bar all the way to end.)

Across its suite of apps, which includes the original Facetune app (Facetune Classic), Facetune 2, Seen (for Stories), Photofox, Video Leap, Enlight Quickshot, Pixaloop, Boosted, and others, including a newly launched artistic editor, Quickart, the company has generated over 350 million downloads.

Its apps also now reach nearly 200 million users worldwide. And through its subscription model, Lightricks is now seeing what Farbman describes as revenues that are “increasing exponentially year-over-year,” but that are being continually reinvested into new products.

Like its other apps, Facetune Video will monetize by way of subscriptions. The app is free to use by will offer a VIP subscription for more features, at a price point of $8 per month, $36 per year, or a one-time purchase of $70.

Facetune 2 subscribers will get a discount on annual subscriptions, as well. The company will also sell the app in its Social Media Kit bundle on the App Store, which includes Facetune Video, Facetune 2, Seen and soon, an undisclosed fourth app. However, the company isn’t yet offering a single subscription that provides access to all bundled apps.

Powered by WPeMatico

Facetune maker’s latest app, Quickshot, helps you take better photos

 Lightricks, the company behind the popular selfie-correcting app called Facetune, is adding to its line of mobile photography and editing tools with the recent launch of a new app called Quickshot. Like its other efforts in this space, Quickshot aims to make photo editing more accessible to amateurs. However, in this case, the app’s focus is to assist with taking photos, not just… Read More

Powered by WPeMatico

Facetune maker’s newest app, Enlight Photofox, is a powerful image editor

 Lightricks, the maker of the popular selfie-correcting app Facetune, is debuting a new photo-editing app today called Enlight Photofox. This is the second time that Lightricks has launched the next generation of an existing app as an entirely new, standalone application — a strategy that’s still somewhat rare on today’s App Store, outside of sequels to games. Read More

Powered by WPeMatico

Facetune 2 puts a powerful photo editor in your pocket

facetune-2 The original Facetune app made it easy and fast to make your selfies look next-level awesome. Lightricks just released a fully revamped version 2 of Facetune, complete with automatic 3D meshing built in, which makes it possible to have another level of editing prowess at your fingertips. Read More

Powered by WPeMatico

Lightricks, The Creator Of Facetune, Lands $10M To Develop New Photo-Editing Apps

Facetune Lightricks, the startup behind popular selfie app Facetune, will focus on developing its image processing technology after snapping up $10 million. Led by Carmel Ventures, this represents Lightricks’ first external funding since it launched in 2013. The Jerusalem-based company, which has 30 employees, claims its yearly revenue run rate is now $10 million. Lightricks also makes… Read More

Powered by WPeMatico