Reface
Reface — AI/ML startup shifting from THE face-swapping app to a social platform for personalized content creation.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor | €0.0 | round |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
$5.5m | Seed | ||
| Total Funding | 000k | ||
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Reface, a Ukrainian product company, develops generative AI tools for content creation. It was founded in 2019 by Dima Shvets, Kyle Sygyda, and Yaroslav Boiko. Other co-founders mentioned include Roman Mogylnyi, Oles Petriv, Denys Dmytryshyn, Ivan Altsybieiev, and Kyrylo Sidelnikov. The founding team's journey began as Neocortext in 2011, initially focusing on natural language processing before pivoting to face-swapping technology. Their combined expertise in machine learning and mobile app development was instrumental in creating their user-friendly AI technology.
The company operates in the consumer mobile app market, targeting social media users, content creators, and anyone looking to create personalized digital content. Its business model is freemium; the core app is free but contains ads and offers in-app purchases and subscriptions for premium features. Revenue is generated through these subscriptions, which provide access to advanced tools, an ad-free experience, and exclusive content, as well as through advertising and strategic partnerships with brands and entertainment industry leaders. The company has an estimated annual revenue of $26.5 million.
Reface's flagship product is a mobile application that allows users to swap their faces onto videos, GIFs, and photos with a high degree of realism. Utilizing advanced machine learning, specifically Generative Adversarial Networks (GANs), the app enables users to create personalized memes and videos without technical expertise. Key features include realistic face swaps, photo animation to make static images move or sing, and an AI avatar generator. Since its launch in January 2020 (initially as Doublicat), the app has achieved significant traction, surpassing 70 million downloads by December 2020 and ranking number one in the US App Store in August 2020. The company has secured $11 million in seed funding from investors including Andreessen Horowitz (a16z) and TQ Ventures.
Keywords: generative AI, face swap, mobile application, content creation, freemium, subscription model, machine learning, photo animation, avatar generator, video editing