Mirage, the company behind the AI-powered video editing app Captions, has secured $75 million in growth funding from General Catalyst’s Customer Value Fund. The investment is aimed at strengthening the company’s AI capabilities and accelerating the development of new models for video creation and editing.
Over the past year, the company has undergone a strategic shift, rebranding from Captions to Mirage to position itself as a broader AI research lab rather than just a single-product app. As part of this transition, it has expanded its focus beyond individual creators to also serve industries such as advertising and marketing.
Mirage has been actively building specialized AI models, including one designed to optimize key elements of short-form video such as pacing, framing, and viewer attention. The company is also working on future models centered around what CEO Gaurav Misra describes as “assembly intelligence,” which involves automatically constructing videos using multiple inputs and components.
Highlighting another area of innovation, Mirage introduced an audio model aimed at preserving users’ natural accents in AI-generated content. Explaining the motivation behind this, Misra said, “Accents are just very important,” noting that earlier systems often altered speech to sound more American, which did not reflect the diversity of its global user base.
The company has also adapted its business model to remain competitive, shifting to a freemium approach in 2025 to better compete with platforms like CapCut and other AI-powered editing tools. Alongside its mobile-first editing app, Mirage now offers a broader video creation suite that allows businesses to produce and distribute content at scale.
In terms of traction, the Captions app has seen strong adoption, with over 3.2 million downloads in the past year and $28.4 million in in-app revenue. Users have collectively created more than 200 million videos on the platform, with a majority of its revenue coming from markets outside the United States.
Investor confidence remains high, with General Catalyst highlighting the company’s strong unit economics and scalability. Pranav Singhvi from the firm noted, “Mirage’s business equation is extremely figured out… they know exactly how to spend that dollar and generate a very attractive ROI.”
With the new funding, Mirage plans to continue investing in AI model development and expand into high-growth international markets, positioning itself as a key player in the rapidly evolving AI-driven video creation ecosystem.
