June 29 (Reuters) – AI company Runway has been valued at $1.5 billion in its latest funding round after raising $141 million from investors including Alphabet Inc’s Google (GOOGL.O). a source familiar with the matter said on Thursday. NVIDIA (NVDA.O).
An extended Series C funding round was also led by Salesforce Ventures and existing investors, the company said in a statement.
The huge success of ChatGPT and the potential of AI to transform businesses has led venture capital firms and big tech companies to pour billions of dollars into startups working on cutting-edge technology.
“Generative AI is transforming the content creation industry, breathing new life into stories and ideas never imagined,” said Nvidia CEO Jensen Huang in a statement.
Runway’s software allows users to convert or tweak existing videos with text prompts and images, or create new videos. The company also launched a mobile app earlier this year, giving users access to its generative AI tools.
Reported by Jaiveer Singh Shekwat from Bangalore and Crystal Fu from Toronto.Editing: Anil DiSilva
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