Prequel launches a $100M Venture Studio Program to invest in creators and early-stage tech startups
For many years, tech startups have seen a steady inflow of funding from global investors. Tech Startups’ analysis of data from Statista and Pitchbook shows a number of major categories — including internet, healthcare, and fintech blockchain (especially NFT) — are some of the largest funding beneficiaries. Others like computer vision and AR-based visual art have not been doing so well.
That’s why New York-based Prequel, the popular creative photo, and video editing app, wants to change that multi-million investment to foster and nurture early-stage tech startups in the fields of AI, computer vision, and AR-based visual art.
Today, Prequel announced the launch of a $10 million Prequel Venture Studio (PVS) program to invest annually across the selected startups and provide mentorship in the areas of technology and overall business development. The program will be opened to all creators around the world.
Prequel said it began to accept submissions via an online form beginning on June 28th. Applicants will be judged on the possibility of technical implementation of the projects, business logic, and overall market demand. After careful consideration, the PVS team will admit qualified startups into the program and work directly with them to build and grow their concept.
Founded in 2018 by Khabirov and Serge Aliseenko, Prequel has been able to position itself as one of the Top 10 photo and video editing apps in the U.S. Prequel provides a free visual editing tool with lots of filters and effects to transform photos and content for stories on social networks.
With more than 60 million users and an average of 2 million Prequels made a day through social platforms like TikTok and Instagram, Prequel appeals to a wide array of creators including influencers, brands, and celebrities such as Kim Kardashian, Bella Hadid, and Rihanna. After obtaining success in a short period of time, the company strives to give back by mentoring the next generation of creators.
“Prequel has evolved from being trend followers to trendsetters, and that is what we are looking for in our applicants,” said Timur Khabirov, CEO and co-founder of Prequel. “We believe that art and technology play a pivotal role in the way we define and reshape the world we live in. The mission of PVS is to improve AI technologies by attracting and fostering a community of creators that will be able to propel the visual tech industry into the future. We are excited to see fresh concepts that marry AI, creativity, and empathy for the user.”