Captions, an AI-powered video creation and editing app for content creators, is rebranding to Mirage. The company announced the change on Thursday. To date, the company has secured over $100 million in venture capital at a valuation of $500 million.
The new name reflects the company’s broader ambitions to become an AI research lab. It will focus on developing multimodal foundational models specifically designed for short-form video content for platforms like TikTok, Reels, and Shorts. The company believes this specialized approach will distinguish it from traditional AI models and competitors.
The rebranding will unify the company’s offerings under one umbrella. This brings together its flagship creator-focused AI video platform, Captions, and the recently launched Mirage Studio, which caters to brands and ad production.
The CEO, Gaurav Misra, stated that the real race for AI video has not yet begun. He said the new identity, Mirage, reflects an expanded vision and commitment to redefining the video category through frontier AI research, starting with short-form video.
The sales pitch for Mirage Studio, which launched in June, focuses on enabling brands to create short advertisements without human talent or large budgets. Brands can simply submit an audio file, and the AI generates video content from scratch, complete with an AI-generated background and custom AI avatars. Users can also upload selfies to create an avatar using their own likeness.
The company claims its platform is set apart by its ability to produce AI avatars with natural-looking speech, movements, and facial expressions. Mirage also states that it does not rely on existing stock footage, voice cloning, or lip-syncing.
Mirage Studio is available under a business plan that costs $399 per month for 8,000 credits. New users receive 50% off their first month.
While these tools can help brands streamline video production and save money, they also spark concerns about the potential impact on the creative workforce. The growing use of AI in advertisements has already prompted backlash, such as the recent AI-generated model featured in a Guess ad in Vogue’s July print edition.
Furthermore, as this technology advances, distinguishing between real and deepfake videos becomes increasingly difficult. This is a significant concern given how quickly misinformation can spread.
Mirage recently addressed its role in deepfake technology in a blog post. The company acknowledged the genuine risks of misinformation while also expressing optimism about the positive potential of AI video. It mentioned implementing moderation measures to limit misuse, including preventing impersonation and requiring consent for likeness use. However, the company emphasized that design measures are not a complete solution. It stated that the real answer lies in fostering a new kind of media literacy, where people learn to approach video content with the same critical eye they use for news headlines.