Synthesia, an artificial intelligence (AI)-powered video creation platform, has raised $90 million in a Series C funding round.
Axel led the funding round, which values the company at $1 billion.
NVIDIA’s venture capital arm, NVentures, and existing investors Alex Wang, Amjadmasad, Firstmark Capital, GV, Kleiner Perkins and Olivier Pomel also participated in the round.
UK-based Synthesia provides a platform for enterprise customers to create educational videos featuring stock or custom AI avatars.
The company plans to use the funds to advance AI research, in addition to partnering with major VCs and strategic investors.
Accel Partner Philippe Botteri said: “By dramatically reducing video costs and production time, Synthesia is pioneering a new range of use cases for corporate training, marketing, and communication videos.The company’s research team is constantly pushing the boundaries of AI video generation. As we expand, we couldn’t be more excited to invest in this company.”
Founded in 2017, the company claims to have grown 456% and currently serves 50,000 businesses.
Mohamed Siddeek, head of NVentures, said: “Synthesia is making groundbreaking efforts to bring these tools into corporate video production, making possible a future where anyone can create studio-grade video without the physical barriers of cameras and microphones. I am contributing.”
Synthesia co-founder and CEO Victor Riparbelli said:
“While not actively seeking new investments, Accel and NVIDIA are committed to turning traditional video production into a digital workflow that allows creators to bring their ideas to life, from training videos to Hollywood movies, all with just their Synthesia account. We share a vision.”
