Startup Wise Guys exited from the US company Elai.io

Estonian accelerator Startup Wise Guys has exited from the US AI-powered solution Elai.io, which allows users to convert text to video. Elai.io has been acquired by the US educational video platform Panopto. Details of the deal were not disclosed. 

In 2022, Startup Wise Guys invested in Elai.io together with Ukrainian SID Venture Partners. The total amount of the round was €250K.

Founded in 2021 and registered in Delaware (US) by Ukrainian entrepreneurs Vitalii Romanchenko, Alex Uspenskyi, and Oleksiy Pshenychnyi, Elai.io has developed a subscription-based platform that converts text and slides into video content with a human presenter. The platform allows users to choose an avatar, add voice to text, create a background, add music, and render the video. It can help create training videos in more than 65 languages, marketing videos, and others. The startup offers a library of more than 80 avatars, it is possible to create an animated personal avatar, cartoon-style talking heads from personal photos, or animated mascot characters.

The startup works with more than 2K customers around the world. Clients include Nvidia, Amazon, Thinkific, and Microsoft. 

Founded in 2007 and headquartered in Pittsburgh, USA, Panopto is an AI-powered online video platform that specializes in video capture and management software for educators, businesses, and government agencies. The platform supports the creation of dynamic learning materials with features such as realistic avatars that can read text in multiple languages, integrated tests, and interactive elements.

Launched in 2012, Estonian Startup Wise Guys is an accelerator that invests in early-stage startups from the Baltic, Central European, and African regions. Startup Wise Guys typically invests up to €500K per startup through multiple funds that manage €45M and are backed by more than 150 investors. The CEO of Startup Wise Guys is Cristobal Alonso.