Generative artificial intelligence video startup Captions LLC today announced it has raised $60 million in new funding at a valuation of $500 million to further its research into generative video technology.
The round was led by Index Ventures LLP, with participation from Kleiner Perkins Caufield & Byers LLC, Andreessen Horowitz, Sequoia Capital Operations LLC, Adobe Ventures, HubSpot Ventures LLC and Hollywood actor Jared Leto (pictured). With the new funding, Captions has now raised $100 million to date.
Founded in 2021, Captions is transforming the video creation process using AI, building a “creative studio” that empowers users to produce studio-quality videos with just a few taps. The company's tools include avatars, editing, captioning, dubbing and audio correction, all focused on streamlining the creative process.
The use of generative AI in video is a rapidly growing field, with companies like Luma AI Inc. and OpenAI's yet-to-be-announced Sora gaining traction. Captions is also competing in the space, but it differs in that it specializes in human-speaking video.
According to Bloomberg, Caption users can input text into the software, which is then read by a photorealistic AI avatar. Or, users can suggest topics for the software to create a script for, such as “instructions on how to make a balloon dog.” Conversations can also be translated into a variety of languages.
The company's features are touted to “usher in a new era of creativity, empowering an entirely new group of creators who have been hindered by the barriers associated with recording and editing.”
One of Captions' tools, AI Edit, allows users to fully edit videos with one tap, while another, Lipdub, generates natural lip movements and body language. The feature has been well received by users, with Captions' mobile app said to have been downloaded more than 10 million times.
Damir Becirovic, Partner at Index Ventures, commented, “By empowering anyone to produce studio-quality videos, choose between placing themselves or an avatar in front of the camera, and instantly edit footage with the tap of a button, Captions is breaking down barriers to great storytelling and unleashing a new wave of creativity. We're excited to support them on this journey.”
Photo: MrJamesAckerley/Flickr
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