The corporate, which is headquartered in London, develops an AI-powered video communications platform.
UK-based start-up Synthesia has seen its valuation double to $2.1bn after it secured $180m in funding, which it says it would use to develop “a brand new era of AI-powered video experiences”.
Established in 2017, the London firm, which is led by its CEO Victor Riparbelli, specialises in utilizing generative synthetic intelligence (GenAI) to allow prospects to create lifelike video content material and can be utilized, for instance, to construct avatar-based movies from textual content paperwork for gross sales and advertising and marketing. At current, Synthesia at the moment has places of work in seven nations and generates greater than half of its income from the US.
The Sequence D funding spherical was led by NEA, with participation from current traders together with GV, MMC Ventures and FirstMark, along with new backers such because the WIL, Atlassian Ventures and PSP Development. The newest spherical brings the corporate’s complete capital raised to greater than $330m.
Synthesia intends to make use of the funds to drive its subsequent section of progress, in an effort to assist product improvement and expertise progress. It additionally intends to drive the enlargement of its AI-powered video platform with a view to “meet the evolving wants of enterprises in a number of markets, together with Japan, Australia, Europe and North America”.
To coincide with the funding information, the corporate additionally introduced the appointment of Peter Hill as its chief expertise officer (CTO), who beforehand acted as CEO and CPO at Wildfire Studios, in addition to a 25-year employment time period at Amazon and AWS.
Riparbelli mentioned that the funding will assist the corporate to develop AI-powered video experiences which can be “interactive, real-time and personalised, providing prospects we may have solely imagined once we based the corporate”. Riparbelli added that he’s “excited to convey these experiences” to Synthesia’s prospects.
Philip Chopin, MD at NEA UK, counseled Synthesia for its “dedication to enterprise-grade options”.
In response to Dealroom, which is a worldwide supplier of information and intelligence on start-ups, following the funding spherical, Synthesia is now the most important GenAI media firm within the UK by valuation, and the second largest within the general AI class.
“Synthesia’s Sequence D alerts that European AI is selecting up the place they left off in 2024. AI start-ups accounted for over 25pc of European enterprise capital final 12 months, up from 15pc simply 4 years in the past,” mentioned Dealroom CEO Yoram Wijngaarde.
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