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At a valuation of $ 1.5 Billion, Runway is touted to be the following section of generative AI video innovation. Dubbed “Gen-2”, Runway’s newest launch is an AI text-to-video mannequin that creates movies utilizing pre-existing photos and textual content prompts. Gen-2 is the follow-up to its predecessor Gen-1 which was launched in February. One of many world leaders in synthetic intelligence computing and software program, Nvidia (who additionally noticed rising inventory market costs) contributed to the $141 Million sum subsequent to Google and Salesforce.
Based by Cristóbal Valenzuela, Alejandro Matamala and Anastasis Germanidis in 2018, Runway was created to democratise machine studying whereas encouraging its use within the artistic business, significantly with filmmakers, photographers and cinematographers. An accompanying cell app was launched earlier this yr, giving Runway customers entry to its generative AI software program.
A buyer base comprising Fortune 500 and International 2000 corporations alongside legions of particular person creators exhibits the importance of AI as a software for content material creation for companies. The founders of Runway goal to reimagine content material creation and construct a “new sort of artistic, generative suite”. The success and progress of ChatGPT and AI sees each huge expertise corporations and enterprise capital corporations keen to take a position billions into burgeoning startups which can be working with groundbreaking expertise.
Founder Valenzuela has said that, “Content material creation immediately may be very costly and time-consuming. We wish to assist deliver these value and time components as near zero as doable, particularly as corporations’ content material wants are solely growing.” What’s the way forward for Runway? Effectively, the corporate lately launched the AI Movie Pageant, an occasion that, as reviews say is “devoted to showcasing movies produced in entire or partially by AI”. With this new money injection, solely time will inform if Runway and different AI startups will have the ability to placate skeptics.
Skeptics apart, in line with Reuters reviews, Inflection (one other related generative AI utility) raised $1.3 billion from Microsoft at a valuation of $4 billion whereas Typeface additionally raised a hefty funding of $100 million (in Sequence B of funding), with the latter having solely launched in February this yr. 2023 appears to be the yr of technological innovation with generative AI persevering with to form how we produce tales and concepts, bringing creativeness into the tangible.
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