As AI advances, the possibilities of what the technology can do expand exponentially (for better or worse). AI video generation platform Synthesia aims to make video content creation as simple and efficient as possible, and FirstMark is betting that it will make the world better, not worse.
The company announced it has closed a $12.5 million Series A funding round led by FirstMark Capital, with participation from angel investors Christian Bach (Netlify CEO) and Michael Buckley (Twilio VP of Communications), as well as existing investors LDV Capital, MMC Ventures, Seedcamp, Mark Cuban, Taavet Hinrikus, Martin Varsavsky, and TinyVC.
While Synthesia's technology can be applied to dozens of use cases, the startup is initially focused on educational content for organizations and businesses — think training videos or company-wide or department-wide video updates.
Here's how it works: Users create an avatar by choosing from a library of existing actors (who are paid for each video they appear in) or uploading their own video. Synthesia tells users what kind of video and audio to send in to use their voice and avatar.
Users can enter their script, add other components such as text, images, shapes, and generate a video without needing any video creation or editing skills at all. It is also very easy to update or edit the video without having to do traditional video editing.
The startup is well aware that the platform can be abused and has built in multiple layers of security and authentication to ensure users know how their avatars are being used in videos, as well as the ability to check scripts and videos before they are generated or published.
The platform can be used for the dozens of training and instructional videos that companies deploy each year, but also in more creative ways. As a general rule, video content is more persuasive and engaging than text or other content. For example, imagine that you get a weekly business update email from your manager or CEO in the form of a video. Synthesia makes it super easy, low-cost, and quick to create that video.
Synthesia has an entry-level plan that costs $30 per seat per month and offers 10 minutes of video per month. The startup also has enterprise-level plans that start at $500 per month and come with more minutes of video and additional features.
The company plans to use the funds to accelerate customer acquisition and product development.
In addition to its enterprise video platform, Synthesia is also working on developing APIs that will allow organizations to incorporate Synthesia's technology into their own systems. and Stream that video. Co-Founder and CEO Victor Riparbelli I demonstrated an example where a user can select a stock, enter their phone number, and a video with a daily update on the stock price will be automatically created and delivered to the specified phone number.
The enterprise product, called STUDIO, was released as a public beta in the summer of 2020 and has since gained over 1,000 companies as users.
