Runway, a New York-based startup that develops generative AI tools for multimedia content creators, has announced a $141 million extension to its Series C funding round, bringing its total raised $237 million.
The investment comes from major players such as Google, Nvidia, and Salesforce, among others. This extension builds upon the Series C round that Runway initially announced in December. With the Series C extension, Runway's valuation is estimated to be $1.5 billion.
The additional capital will be utilized to expand Runway's in-house research efforts and grow the company's team.
“We’re focused on how we can continue pushing the boundaries of creativity,” Runway CEO Cris Valenzuela told TechCrunch via email. “The additional funding allows us to double down on this, innovating on new tools for artists and creators.”
Runway's flagship product is Gen-2, an AI model that generates videos from text prompts or existing images. While the Gen-2 model has received positive feedback, the company continues to improve and innovate its offerings.
The company also recently established Runway Studios, an entertainment division that partners with enterprise clients for production purposes. Additionally, the company launched the AI Film Festival, which showcases films produced wholly or partially by AI.
Company: Runway AI, Inc.
Raised: $141.0M
Round: Series C Extension
Funding Month: June 2023
Lead Investors: Google, Nvidia, and Salesforce
Additional Investors:
Company Website: https://runwayml.com/
Software Category: Video Editing Software
About the Company: Founded in 2018 by Cris Valenzuela, Alejandro Matamala, and Anastasis Germanidis, Runway is an applied AI research company building for the next era of art, entertainment, and human creativity. Runway began by building AI-powered tools for moviemakers, cinematographers, and photographers. The company shifted its focus to generative AI, particularly in the field of video. The company's Runway's customer base includes Fortune 500 and Global 2000 companies, as well as millions of individual creators. The company’s mission is to make content creation accessible to all.
Source: https://techcrunch.com/2023/06/29/runway-a-startup-building-generative-ai-for-content-creators-raises-141m/