Synthesia is the latest AI startup to raise a big round and hit a $1 billion valuation after a $90 million Series C.
The London-based startup allows companies to easily create instructional videos from text featuring stock or custom AI avatars without the need for actors, cameras or studios.
The new round was led by Accel with investments from NVentures — Nvidia’s venture capital arm — and existing investors Kleiner Perkins, GV, Firstmark Capital, Alex Wang, Olivier Pomel and Amjad Masad.
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“While we weren’t actively looking for new investment, Accel and NVIDIA share our vision for transforming traditional video production into a digital workflow that will enable creators to bring their ideas, from training videos to Hollywood films, to life with only a Synthesia account,” said Synthesia co-founder and CEO Victor Riparbelli in a release. “I’m delighted to have them on board as we accelerate our AI research efforts.”
Synthesia says more than 12 million videos have been generated on its platform since its founding in 2017. The startup works with more than 50,000 companies worldwide.
The company has now raised more than $156 million, per Crunchbase.
Nvidia’s AI moves
No big tech company may be benefiting more from the AI explosion than Nvidia — which recently became the first trillion-dollar chip firm.
Nvidia is leading the charge for chips with better processing to train large language models for AI — a race that will only get more heated as more AI applications are built and better infrastructure is necessary to support them.
The chip giant also has been making investment moves in the ecosystem surrounding AI. The company has made 19 different investments in VC-backed startups since the start of 2021, per Crunchbase data. Those deals include participating in Adept AI’s $350 million Series B in March and Toronto-based Cohere’s $270 million round in May.
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Illustration: Dom Guzman
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