Captions has raised $60 million in a Series C funding round to invest in its generative artificial intelligence (GenAI) platform for video creation and editing.
Captions said in a press release on Tuesday (July 9) that it will use the new funding to expand its machine learning (ML) team and continue investing in its internal research activities and technology infrastructure.
The new funding round brings the company's total funding to $100 million and its valuation to $500 million, according to the announcement.
Gaurav Misra, co-founder and CEO of Captions, said in a press release that the company is looking forward to “further advancing our mission to democratize video creation and empower everyone to effectively share their stories and ideas.”
According to the release, Captions offers a suite of tools dedicated to recording, editing and enhancing videos where creators speak directly into the camera.
The company also recently announced the release of its AI Creator, which allows users to create these “talking videos” entirely. The tool is being used to create content for organic social posts, ads for small businesses and more.
According to a company release, the company's suite of tools includes avatars, editing, captioning, dubbing and voice correction.
Damir Becirovic, a partner at Index Ventures, which led Captions' latest funding round, said in a press release that Captions' AI-enabled video creation products enable “higher-level storytelling.”
“We're empowering anyone to bring their own stories to life and share them with the world in ways never before imagined,” Becirovic said. “The result will be a flood of amazing stories imagined and directed by Captions users.”
The announcement comes a week after AI-powered video startup Runway was reportedly seeking to raise $450 million at a $4 billion valuation.
Runway, which offers software that generates videos from text prompts and images, raised $141 million in June 2023 at a valuation of $1.5 billion.
In June, AI startup Luma AI unveiled a tool that can generate lifelike video footage from just a few lines of text, opening up new possibilities for rapid video creation.
Luma AI's Dream Machine platform allows users to input a descriptive prompt and render it as a high-definition video clip generated within minutes.
