- Runway announced that it has raised a total of $191 million for its Series C funding. Runways is a startup focused on building generative AI tools for content creation.
- Generative AI is a type of AI system that can generate new content in response to prompts, including texts, images, videos, or even audio that are similar to the data it has been trained on.
- The funding aims to enhance the startup’s current Gen-2 model, an AI tool that creates videos inspired by text-based descriptions.
Seven months after extending its Series C funding, Runway, a startup that is focused on developing generative artificial intelligence (AI) tools for content creators, has raised a total of $191 million, the firm announced. The funding aims to enhance its current Gen-2 model, an AI tool that creates videos inspired by text-based descriptions.
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Runway’s Series C Funding
The first part of Runway’s Series C funding was concluded last December with a $50 million fund, led by Felicis, Amplify Partners, Lux Capital, Coatue, and Compound.
Meanwhile, the second part, or extension, of the said Series C funding was closed on June 30, 2023, with an amount of $141 million. The extension was supported by Google, Nvidia, and Salesforce.
According to Runway CEO Cristobal Valenzuela, the two-part Series C funding will enable the startup to scale its in-house research efforts and expand Runway’s headcount.
“We’re focused on how we can continue pushing the boundaries of creativity. The additional funding allows us to double down on this, innovating on new tools for artists and creators,” said Valenzuela.
On the other hand, for online publication TechCrunch, the extension of the Series C funding came with a valuation of $1.5 billion, enough to be among the better-funded generative AI startups in the industry.
Runway’s Generative AI Tools
Established in 2018, Runway was originally launched to create a tool that would allow anyone to experiment with machine learning without having to write code or install complex software.
However, as time passes, Runway has focused on building generative AI tools for content creation, and Gen-2 is its current flagship product.
“Content creation today is very expensive and time consuming. We want to help bring those cost and time factors as close to zero as possible, especially as companies’ content needs are only increasing. Our goal is to reimagine content creation and build a new type of creative suite, the generative suite,” Valenzuela explained.
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What is Generative AI?
Generative AI is a type of AI system that can generate new content in response to prompts, including texts, images, videos, or even audio that are similar to the data it has been trained on.
“We couldn’t be prouder of what we’ve built over the last four years as pioneers in Generative AI, but we know this is only the beginning. Together with our new partners, we will continue to push the boundaries of creativity, lower the barriers of content generation, and unfasten a new wave of storytelling. The best is yet to come,” the CEO concluded.
This article is published on BitPinas: AI Startup for Content Creators Receives $191M Funding
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