Exciting news from Runway, one of the hottest generative AI startups! They have just secured $141 million in a series C funding round, with investments from Google, Nvidia, Salesforce Ventures, and more.
In a press release, the New York City-based company stated that this new financing will be used to expand their research efforts, grow their team, and continue delivering state-of-the-art multi-modal AI systems to the market.
Runway’s Mission: Building AI for Creatives
NeuralNation had the opportunity to speak with Runway CEO and cofounder Cristóbal Valenzuela in March. He discussed the launch of Runway’s Gen-2 tool, which is now available to the public, and the company’s founding mission to create AI tools specifically for artists and creatives.
“Since then, we’ve been pushing the boundaries of the field and developing products based on our research,” he said. Valenzuela highlighted the millions of users Runway has, ranging from award-winning movie directors and production companies to small creators and consumers.
Runway, which was founded in 2016, seeks to use generative AI video technology to bring users a personalized visual experience on demand. It combines AI with the power of the cloud to create photorealistic, animated videos in real-time. It is built for both creative and business users.
Runway’s technology allows users to configure, customize, and control high-quality video on demand. It has the potential to be used in a variety of applications, from product demos to gaming and entertainment.
The new round of funding will be used to continue to expand Runway’s product offering and operations. It also plans to invest further in R&D and increase its global presence in order to better reach its users.
According to Runway’s CEO, Uriah Av-Ron, “This funding unlocks further potential of our technology and allows us to deepen and accelerate our mission of giving users access to photorealistic video content on demand. We’re excited to continue making a positive impact for our customers, striving to inspire them to create more immersive and sensational experiences.”
Runway has already made a significant impact with its generative AI technology, and this new funding round will allow them to continue to expand their product offerings. With this additional capital, Runway is well-positioned to take further strides in their mission to revolutionize video and bring personalized visual experiences to users worldwide.
