Mirage, the maker of video editing app Captions, has raised $75 million in growth financing from General Catalyst’s Customer Value Fund (CVF). Over the past year, the startup has made significant changes both to its product and corporate identity. The startup rebranded from Captions to Mirage to position itself as an AI lab that produces different models and also caters to industries like advertising and marketing. It has also trained a model specifically for pacing, framing and attention dynamics in short videos. The company also switched to a freemium model in January 2025 to better compete with apps like ByteDance’s CapCut and Meta’s Edits, which was released later in the year. It now offers a video creation suite as well, with some of the features from Captions, that lets companies create and distribute videos in bulk. Mirage’s co-founder and CEO Gaurav Misra said that the company aims to create more models.…