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Startup’s AI Solution Makes Video Editing a Snap

SAAS: EVT Takes Top Prize at National Disabled Founders Pitch Comp

Monal Parmar never knows when or where he might suffer an anxiety attack.

“I used to go into flight or fight multiple times a day for no reason,” he said. “My anxiety disorder is managed through medication which I have to religiously take every three hours.”

Monal Parmar
Founder, CEO and CTO
Educational Vision Technologies

Recently, that disorder led to an opportunity for the company he founded and leads: Educational Vision Technologies (EVT), a San Diego-based B2B SaaS company that automates video editing and knowledge curation using A.I.

Parmar took part in the 2Gether-International (2GI) 2023 Spring Cohort for Disabled Founders of tech startups. Supported by the Small Business Association and National Disability Institute, the two-month-long accelerator program addresses the employment and entrepreneurship gap for disabled individuals, the most overlooked and underemployed populations in the United States. 2GI cohort participants attended workshops and trainings addressing topics such as product-market fit, business model designs, management, sales, marketing, financial projections, and negotiations to help further their businesses.

“2GI understands people learn differently, have challenges and adapt the program to fit the entrepreneur instead of forcing the entrepreneur to fit the program,” said Parmar, who won the top prize of $10,000 in 2GI’s pitch competition.

Diego Mariscal
CEO and Chief Disabled Officer
2Gether International

“The founders who participated in our Spring 2023 Cohort are not only self-advocates, they’re using their platforms, expertise and technological innovations to uplift overlooked and underserved communities, including people with disabilities,” said 2GI Founder, CEO and Chief Disabled Officer Diego Mariscal.

Instant Video Editing

The genesis of EVT’s instant video editing was born of Parmar’s need for a solution to note taking as a student at UC San Diego. Using A.I., he developed a program to generate notes of what his professors would write on chalkboards or whiteboards.

“That’s where it started. As a student with disabilities, it’s very difficult for me to take notes so I developed an automated note-taking system,” he said.

With the rise of the virtual classroom, he then saw the opportunity for his platform to lower the cost of video editing online classes, which can run in the hundreds of dollars for each hour of video.

The EVT platform today automates video editing and content curation using artificial intelligence to transform long-form video recording into short video chapters by topic and also produces a table of contents and other course content — like a PDF of class notes from the whiteboard — to make online learning more accessible and engaging.

“It’s a pain to watch long-form webinars or lectures or training and the problem is huge with there being 55 billion hours of Zoom sessions a year,” Parmar said. “We’re making it so it’s digestible, so you actually can get access to relevant information.”

EVT’s business model is a tiered SaaS model based on volume of usage. The company’s base tier is $1,500 per year, or roughly 25 hours of content curation for $60 per hour. The highest tier with volume discount breaks down to be $30 per hour, Parmar said.

Pradeep Khosla
Chancellor
UC San Diego

“If you were to have humans do all the manual curation it would easily cost over $450 for an hour of video,” he added. “And instead of taking days or weeks to curate it, we’re doing it almost instantly for $30.”

The product is already gaining some momentum in academic institution circles with four universities already signed on as customers. UC San Diego Chancellor Pradeep Khosla has even endorsed the company. On the EVT website, he is quoted as saying: “They have helped us not only improve accessibility, but also improve student satisfaction for distance learning.”

In addition to universities, EVT has also signed on a sales training group and has pilot programs going with two Fortune 150 companies.

Fundraising

In addition to the $10,000 prize money for the 2GI pitch competition, EVT also recently won $1,750 from a Santa Clara University pitch competition through the school’s CIOCCA Center for Innovation and Entrepreneurship, where one of the EVT team members is grad student.

The prize money is in addition to other capital raised including $550,000 investment in pre-seed funding raised in stages; $200,000 in grants and non-dilutive capital; and $110,000 raised from a few angels, one VC (Sunstone Management) and some friends and family.

“We have a proven technology that’s improving learning outcomes in higher education; we have a number of higher education customers. In order to scale, we need to bring on a sales team, marketing and other commercialization roles,” Parmar said.

Educational Vision Technologies

Founded: 2018
CEO: Monal Parmar
Headquarters: UC San Diego Design and Innovation Building
Business: B2B SaaS company that automates video editing and knowledge curation using A.I.
Revenue: More than $100,000 in sales in higher education
Employees: 5 plus 3 full-time interns in summer
Website: EVT.ai
Notable: EVT is endorsed by UC San Diego Chancellor Pradeep Khosla

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