Synthesia is the latest AI startup to raise a major round and reach a $1 billion valuation after a $90 million Series C.
The London-based startup makes it easy for companies to create explainer 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 investment from NVentures, Nvidia’s venture capital arm, and existing investors Kleiner Perkins, GV, Firstmark Capital, Alex Wang, Olivier Pomel and Amjadmasad.
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“Although we weren’t actively looking for new investments, Accel and NVIDIA have transformed traditional video production into digital workflows, enabling creators to bring their ideas to life, from training videos to Hollywood movies, all with just their Synthesia account. We share a vision to make it possible,” said Synthesia co-founder and CEO Victor Riparbelli in a release. “We are 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. This startup partners with his 50,000+ companies worldwide.
The company has now raised over $156 million, according to Crunchbase.
Nvidia’s AI move
No big tech company that has benefited the most from the AI explosion is Nvidia, which recently became the first trillion-dollar semiconductor company.
Nvidia is leading the way in developing chips with better processing for training large language models for AI. This competition will only intensify as more AI applications are built, requiring better infrastructure to support them.
Semiconductor giants are also showing signs of investing in the ecosystem surrounding AI. The company has made 19 different investments in VC-backed startups since early 2021, according to Crunchbase data. Those deals include Adept AI’s $350 million Series B participation in March and Toronto-based Cohere’s $270 million round in May.
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