New $141 million hits runway as next-level generative AI video starts to emerge

Runway, one of the most popular generative AI startups that offers text-to-image video tools, has announced a new round of funding, raising its Series C to 1 from investors including Google, Nvidia, and Salesforce Ventures. Added $41 million.

The New York City-based company presses to use the new funding to “further expand its in-house research efforts, expand its world-class team, and continue to offer cutting-edge, multimodal services.” mentioned in the release. Build innovative and intuitive product experiences while bringing AI systems to market. ”

Runway started with a mission to build AI for creatives

In March, VentureBeat spoke with Runway CEO and co-founder Cristóbal Valenzuela. He said four years ago that he had a mission to build an AI tool specifically for artists and creatives with the gated launch of his Gen-2 tool in Runway, which is now generally available. explained the establishment of the company.

“Since then, we’ve pushed the boundaries of the field and built products on that research,” he said, adding that Gen-2 is a “big step forward” in the company’s text-to-video efforts. said there is. He noted that the company has millions of users, ranging from award-winning filmmakers, advertisers and production houses to small creators and consumers.

“We have built an incredibly close-knit community that has helped us understand how creators are actually leveraging generative AI in their work today.” he said, referring to Runway’s work on the Oscar-winning film Everything Everywhere All at Once. One of his editors on the film used Runway to help with effects for some shots.

“So there are a lot of people who have helped me understand how these models are used in the context of storytelling,” he explained. “We are moving towards a world where most of the content, media and video you consume is generated. Generating those kinds of stories requires different types of software and tools.”

Runway Grows As Artists Oppose Generative AI

But Runway’s efforts came at a time when artists were pushing back against generative AI. For example, he has been on strike for over two months as thousands of screenwriters demand restrictions on the use of generative AI, and many film and television productions have been halted.

VentureBeat also recently reported that creators at Adobe Stock were unhappy with the company’s generative AI model, Firefly. Some creators VentureBeat spoke to on record say Adobe used stock images to train his Firefly without explicit notice or consent.

Several lawsuits are also pending in the generative AI space. For example, just today, plaintiffs filed a lawsuit against OpenAI, accusing the company of using “stolen data” in the “training and development” of his ChatGPT 3.5, ChatGPT 4, DALL-E, VALL-E, and other products. claimed to have used

The three co-founders attended art school

“We hear a lot and are part of a community,” Valenzuela said, citing it as an example to foster conversation and understand how professional filmmakers and storytellers use these technologies. , cited the Runway AI Film Festival, which will be held in March.

“I think there is confusion about how these algorithms are already being used in creative environments,” he said. “…there is a misconception that you don’t have to type anything because the system does everything for you. We don’t see it that way. I think they are tools for creativity, they are not a substitute for creativity.”

Valenzuela emphasized her artistic background. “I went to art school and started doing runways while being an artist,” he said. “This is the tool I wanted to use.”

Originally from Chile, Valenzuela came to New York City to attend New York University’s Tisch School of the Arts, where he met co-founders Anastasis Germanidis and Alejandro Matamara. found to be suitable for making tools.

“My art was tool making. I wanted to see artists use the tools I made,” he said. “So I dug deep into the neural network rabbit hole, the concept of computational creativity.”

As far as commenting on issues of copyright, fair use and substitution of works cited by artists, Valenzuela argued that we are still in the “very early stages” of making all sense of generative AI. “We are very serious about bringing this conversation to a positive conclusion,” he said. “I still think listening is the most important aspect. Being able to embrace change and adapt and understand how things are used is what drives the way we think about our products. We can’t really talk about the company or what other companies think about this space, but we do have a commitment to our users.”