Mirage

Market position

Mirage competes in AI video creation and editing against consumer editors such as ByteDance's CapCut and Meta's Edits, and against marketing-oriented AI video pipelines from Canva, D-ID, HeyGen, Webflow and Avataar. Its 2024 Series C valued it at $500 million, and an investor in its 2026 growth round described its product-market fit and unit economics as strong relative to competing tools.

Mirage builds its models together with the products they power, iterating against user signals at scale, and runs training and inference in-house. Its rendering engine keeps every video layer editable rather than producing flat output, supporting collaborative editing between humans and AI across browser, iPhone and cloud. Its models are trained on a curated, licensed audio-video dataset with metadata covering appearance, shot styles, delivery techniques, emotion and scene structure, and it has trained a model specifically for pacing, framing and attention dynamics in short video, as well as an audio model aimed at preserving speakers' accents. An investor in the 2026 round characterized the company as ahead of comparable tools on unit economics.

Technology

Mirage develops end-to-end multimodal foundation models spanning script to audio-video, covering real-world generative modeling, multimodal reasoning, dataset design and collection, audio-video quality evaluation, and large-scale training and inference performed in-house. Named models include Casting Voices (avatar video from audio), Finding Voices (expressive audio, with accent preservation) and Avatar X (full generated performance), coordinated by Mirage Agent, a multimodal agent that plans, creates, edits and designs video using Mirage's own and third-party models. These run on a purpose-built rendering engine with a Rust core targeting Metal, Vulkan and WebGPU that keeps video layers live and editable in the browser, on iPhone and in the cloud. Earlier proprietary technology included AI Creator, a 3D avatar for content creation; AI Edit for one-tap editing; and Lipdub, a model generating lip movement and body language. The company also offers hyperrealistic digital avatars, instant dubbing, audio correction and intelligent captioning.

Go-to-market

Mirage reaches individual creators through free-to-start consumer apps for Captions on iOS, web and desktop, converting users into paying subscribers under a freemium model, and uses that creator and influencer base as an entry point for selling to businesses and enterprises. It additionally sells a web marketing suite for bulk video creation and distribution and offers developer APIs for embedding video generation and captioning into third-party products.

Individual content creators, influencers and podcasters producing short-form and social video; small businesses and marketing and advertising teams creating and distributing video at scale; and developers integrating video generation and captioning through Mirage's APIs.

Geography

Mirage is headquartered in New York City, where it describes itself as a small team, and its products are distributed internationally: only about 25% of revenue comes from the United States, and the company has said it will use its 2026 financing to expand in high-growth Asian markets.

History

Gaurav Misra launched the company in 2021 after five years as head of design engineering at Snap. Operating as Captions, it built generative features including AI Creator, a 3D avatar for content creation, AI Edit for one-tap video editing, and Lipdub, a model generating lip movement and body language. In July 2024 it announced a $60 million Series C led by Index Ventures at a $500 million valuation, bringing total capital raised to $100 million, alongside a stated plan to invest $100 million in generative video research from New York City. The company moved Captions to a freemium model in January 2025, later rebranded from Captions to Mirage to position itself as an AI lab serving advertising and marketing as well as creators, and shipped audio and video models including Casting Voices (June 2025) and Finding Voices (December 2025). In March 2026 it raised $75 million in growth financing from General Catalyst's Customer Value Fund.