Runway AI Raises $141M From Investors Like Google and NVIDIA
Runway AI has raised $141 million in funding from investors including Google, Nvidia, and Salesforce.
This year, Runway introduced its Gen-1 and Gen-2 video generation models, enabling users to create diverse content such as images, videos, text, and audio.
Jensen Huang, founder and CEO of NVIDIA, praised Runway’s work in pushing the boundaries of creativity and storytelling through generative AI in the content creation industry.
Runway AI has secured $141 million from Google, NVIDIA, Salesforce, and other investors. The company announced the new funding on Thursday as an addition to its Series C round of $50 million in December, led by Felicis Ventures.
Runway, which has been developing AI-powered film and editing tools, has now raised around $237 million in total. According to Bloomberg, the company has a $1.5 billion valuation.
The startup, founded in 2018, enables users to generate AI videos in minutes. With Runway AI tools, users can access a library of pre-trained models for various tasks such as image synthesis, style transfer, text generation, face manipulation, and more. The company aims to democratize artificial intelligence and make it accessible to artists, designers, researchers, and educators. Moreover, Runway’s AI-powered tools are used by TV shows, media companies, and other creatives, helping them create new stories and streamline workflows.
In 2023, Runway introduced the first video-to-video generative AI models, Gen-1 and Gen-2. With the new funding, the company plans to expand its in-house research endeavors to develop multi-modal AI systems and enhance user experiences. Its commitment to growth includes investing in its team, with new hires in research, engineering, and product roles.
Gen-2 tools can generate high-quality and diverse outputs, such as images, videos, text, and audio. Previous generation Gen-1 tools can perform simpler tasks, such as classification, segmentation, and style transfer. Both can be used together or separately to create projects with Runway AI.
“Generative AI is transforming the content creation industry, breathing new life into stories and ideas that were not imaginable. The Runway team is doing amazing work with NVIDIA accelerated computing in the cloud to push the boundaries of creativity and storytelling for millions of artists globally,”said Jensen Huang, founder and CEO of NVIDIA.
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