News Report Technology
November 29, 2023

Pika Raises $55 Million to Ease Video Editing with Generative AI-powered Pika 1.0

In Brief

Pika raised $55 million to advance video editing with its generative AI tool Pika 1.0, that can edit content using captions and still images.

Pika Raises $55 million to Transform Video Editing with Generative AI

AI-focused startup Pika raised $55 million in a Series A funding round led by Lightspeed Venture Partners, Homebrew, Conviction Capital, SV Angel, Ben’s Bites, and individual investors such as Quora founder Adam D’Angelo, ex-GitHub CEO Nat Friedman, and Giphy co-founder Alex Chung.

The funding will support the company in advancing its AI-powered videography tool Pika 1.0, which leverages generative AI for video editing using captions and still images. Pika 1.0’s AI model is capable of editing videos in various styles, including “3D animation,” “anime” and “cinematic.” 

It also provides capabilities such as extending the length of existing videos, transforming them into different styles, and modifying the canvas or aspect ratio. Additionally, the tool includes a module for editing video content changes such as altering clothing or adding characters.

“Just as other new AI products have democratized text and images, professional-quality video creation will also be democratized by generative AI. We believe Pika will lead that transformation,” stated Michael Mignano, a partner at Lightspeed Venture Partners in a written statement.

Founded by former Stanford AI Lab PhD students Demi Guo and Chenlin Meng, Pika aims to ease the video-making and editing experience with an AI tool designed to be effortless and accessible to everyone.

Investments in Generative AI are Growing

In a recent IDC report, generative AI investments are projected to surge from $16 billion in the current year to $143 billion in 2027. While generative AI currently represents 9% of overall AI spending in 2023, IDC anticipates this figure to rise to 28% within five years.

The interest of Lightspeed, a Pika Labs investor and also an investor in Stability AI, underscores confidence in Pika’s platform and its ability to compete effectively. 

Big Tech companies are also working on generative AI tools for video. In a recent development, Meta launched two new AI-based features for video editing – Emu Video and Emu Edit, which generate short videos and facilitate easy video alterations with text prompts.

Pika’s swift expansion mirrors the persistent demand for generative AI utilization across diverse domains and platforms.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
f(x)Protocol: Redefining Leverage and Stable Yields in DeFi
Hack Seasons Interview Business Markets Technology
f(x)Protocol: Redefining Leverage and Stable Yields in DeFi
May 29, 2025
Lumia: Turning Real-World Assets Into Liquid Digital Opportunities
Hack Seasons Interview Business Markets Technology
Lumia: Turning Real-World Assets Into Liquid Digital Opportunities
May 29, 2025
Ozean Partners With Stillman Digital To Onboard Institutional Capital
Business News Report Technology
Ozean Partners With Stillman Digital To Onboard Institutional Capital
May 29, 2025
BNB Chain Opens Applications For RWA-Focused Incentive Program
News Report Technology
BNB Chain Opens Applications For RWA-Focused Incentive Program
May 29, 2025