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Generative AI funding capital continues to movement this week. Runway, an organization specializing in AI-powered content material creation instruments, has introduced a $141 million Collection C extension from Google, Nvidia, Salesforce Ventures, and others.
This prolonged spherical builds on a Collection C introduced in December. Reuters reported the corporate is now valued at $1.5 billion, in accordance with a supply aware of the matter. The corporate says it would leverage the contemporary funds to additional scale its in-house R&D, increase its workforce, and proceed to convey its multi-modal AI techniques and merchandise to market.
Runway provides a set of AI-powered tools that it says are utilized by TV exhibits, media corporations, and creatives throughout industries, and even an Academy-nominated film. The corporate says its analysis workforce is concerned in new developments in deep studying to make sure the way forward for content material creation is accessible, controllable, and empowering for artists and creatives.
“We’re rebuilding the artistic stack from the bottom up and growing impactful analysis that shall be a significant power of change throughout industries,” stated Runway CEO and co-founder, Cristóbal Valenzuela. “The subsequent section of storytelling shall be extremely democratized, and our final aim is to create a extra equitable, numerous, and inventive world by means of our merchandise and analysis outputs. We’re thrilled to have continued help from traders, companions, and prospects who consider on this imaginative and prescient.”
Runway co-founders Anastasis Germanidis (prime), Alejandro Matamala-Ortiz, and Cristóbal Valenzuela (L to R). (Supply: Runway)
Runway’s flagship product is Gen-2, the second iteration of its text-to-video mannequin that enables customers to generate video content material from an enter video and both photos or textual content prompts. Earlier this yr, the corporate launched a mobile app and hosted a collection of AI Film Festivals. It additionally created Runway Studios, an leisure and manufacturing division of the corporate that serves as a manufacturing accomplice and platform for creatives.
Nvidia is an investor and cloud computing supplier for the corporate. “Generative AI is reworking the content material creation business, respiration new life into tales and concepts that weren’t conceivable,” stated Jensen Huang, founder and CEO of Nvidia. “The Runway workforce is doing wonderful work with Nvidia accelerated computing within the cloud to push the boundaries of creativity and storytelling for tens of millions of artists globally.”
“Runway has been pushing the boundaries of creativity with synthetic intelligence for the final 5 years, and we’re excited to proceed innovating on a brand new period of artistic instruments for artists and creators all over the place,” Valenzuela wrote in a blog post. “In 2023, we delivered to market Gen-1 and Gen-2, the primary of their sort video technology fashions. Right this moment, our whole suite of AI Magic Instruments is being utilized by Fortune 500 and International 2000 corporations, serving to inform new forms of tales, and streamline workflows.”
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