It's taken almost five years, a rebrand and a major pivot, but Brisbane-based video editing start-up Clipchamp is finally gathering steam after raising $1 million from Shark Tank's Steve Baxter.

Founded by a group of former SAP employees in 2013, the company was originally called TranscodeCentral and started out as an attempt to build a distributed supercomputer using people's browsers to speed up the transcoding of videos (translating video from one code to another) –  an action that's critical for online streaming.