Captions, an AI-powered video creation and editing app designed for content creators, has secured over $100 million in venture capital funding and has reached a valuation of $500 million. The company has now rebranded itself as Mirage, as announced on Thursday. The new name symbolizes the company's broader ambitions to evolve into an AI research lab focused on multimodal foundational models, particularly for short-form video content tailored to platforms like TikTok, Reels, and Shorts. The company believes this strategy will differentiate it from traditional AI models and competitors such as D-ID, Synthesia, and Hour One. This rebranding also brings all products under a single brand umbrella, integrating the flagship AI video platform for creators, previously known as Captions, with the newly launched Mirage Studio, designed for brands and advertising production. “In our view, the real race for AI-driven video has yet to begin. Our new brand identity, Mirage, represents our expanded vision and commitment to redefine the video category through cutting-edge AI research and models, starting with short-form content,” CEO Gaurav Misra told TechCrunch. Launched in June, Mirage Studio aims to help brands create short advertisements without relying on human labor or large budgets. By simply uploading an audio file, the AI can generate a full video from scratch, complete with AI-created backgrounds and a customizable digital avatar. Users can even upload a selfie to generate an avatar that resembles them. According to the company, the platform’s standout feature is its ability to create AI avatars with natural speech, movement, and facial expressions. Moreover, Mirage states that it does not rely on existing stock footage, voice cloning, or lip-syncing technologies. Mirage Studio offers a commercial plan at $399 per month, which includes 8,000 credits. New users receive a 50% discount for the first month. While these tools may help brands streamline video production and reduce costs, they have also raised concerns about the potential impact on creative labor. The growing use of AI in advertising has sparked backlash, as seen recently with Guess's AI-generated models featured in Vogue’s July print edition. Furthermore, as this technology advances, the line between real and deepfake videos continues to blur. For many, this is a difficult reality to accept—especially in today’s environment, where misinformation spreads rapidly. In a recent blog post, Mirage addressed its role in the development of deepfake technology. While acknowledging the real risks of misinformation, the company remains optimistic about the positive potential of AI video. It noted that it has implemented moderation measures to prevent misuse, such as impersonation restrictions and consent requirements for likeness usage. However, the company emphasized that “design is not a silver bullet.” The real solution, it argues, lies in fostering a new kind of media literacy that encourages people to approach video content with the same critical mindset they apply to news headlines.