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UAE’s Silkhaus Secures Pre-Series A Funding For Expansion

The cash injection includes a multi-million-dollar credit line supporting the PropTech startup’s plans for growth.

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uae's silkhaus secures pre-series a funding for expansion

Silkhaus, a Dubai PropTech startup dedicated to transforming the short-term rental landscape in the Middle East and Asia, has recently announced a substantial pre-series A financing round. The funding comes via San Francisco-based Partners for Growth (PFG). The strategic partnership also grants Silkhaus access to a substantial credit line, which will facilitate its ambitious expansion plans.

Silkhaus harnesses cutting-edge technology to provide property owners with the essential infrastructure tools to manage and monetize their real estate assets. The startup oversees every aspect of the rental process, from handling bookings to property distribution and operations, ensuring an exceptional guest experience.

On average, property owners using Silkhaus platforms report earning between 20% to 40% more income compared to traditional rental models.

The significant cash injection means that Silkhaus is now poised to disrupt the global short-term rental sector, which boasts a valuation of over $100 billion.

aahan bhojani silkhaus ceo

Aahan Bhojani, the Founder and CEO of Silkhaus, expressed his enthusiasm for the partnership with PFG, saying, “Since our launch, Silkhaus has experienced incredible demand, growing by 120% over the past 12 months. We are thrilled to partner with the PFG team as we begin scaling Silkhaus across the GCC with a diversified capital stack and investor base”.

Also Read: Top E-Commerce Websites In The Middle East

Meanwhile, Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth, praised Silkhaus for its innovative approach, noting, “Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetize their asset base. Silkhaus’ strong fundamentals have put them on the path to success and we are excited to be a part of their growth story”.

Established in 2021, Silkhaus has already attracted guests from over 120 countries to its properties. In 2022, the company secured $7.75 million in funding from a consortium of global investors, marking one of the most significant seed funding rounds in the history of the GCC region.

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Adobe Teases New AI Editing Tools And Updates In Premiere Pro

The video editing app will be enhanced with a generative extend tool, text-to-video, improved timeline waveforms, and more.

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adobe teases new ai editing tools and updates in premiere pro
Adobe

After launching the generative AI model Firefly last year, Adobe is now showcasing how the technology will be used in upcoming versions of the editing app Premiere Pro. In an early sneak peek, the company demonstrated several new features, including Object Addition and Removal, Generative Extend, and Text to Video.

The first new feature, Generative Extend, targets a common video editing problem by using AI to “Seamlessly add frames to make clips longer, so it’s easier to perfectly time edits and add smooth transitions”.

Meanwhile, Premiere Pro’s Object Addition & Removal tool will leverage Firefly’s generative AI to “Simply select and track objects, then replace them. Remove unwanted items, change an actor’s wardrobe or quickly add set dressings such as a painting or photorealistic flowers on a desk,” Adobe states.

Adobe also showcased another new feature that can automatically generate new film clips using a text prompt. To use the content creation tool, editors can “Simply type text into a prompt or upload reference images. These clips can be used to ideate and create storyboards, or to create B-roll for augmenting live action footage,” Adobe explained. The company seems to be commercializing this particular feature extremely quickly, considering generative AI video only appeared a few months ago.

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The new additions to Premiere Pro will be added later this year, but Adobe is also introducing smaller improvements to the editing app in May. The changes include interactive fade handles to enable easier transitions, an Essential Sound badge that uses AI to “automatically tag audio clips as dialogue, music, sound effects or ambience, and add a new icon so editors get one-click, instant access to the right controls for the job”, along with effect badges and a new look for waveforms in the timeline.

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