Synthetic intelligence (AI)-powered video startup Runway is reportedly wanting to increase $450 million at a valuation of $4 billion.
The corporate is in talks with buyers, Reuters reported Tuesday (July 2) primarily based on a paywalled article by The Info that cited unnamed sources.
Runway didn’t instantly reply to PYMNTS’ request for remark.
The corporate provides software program that generates movies from textual content prompts or photographs, in accordance to the Reuters report.
In June 2023, Runway raised a complete of $141 million from Google, Nvidia and different buyers and was valued at $1.5 billion, per the report.
When saying that fundraising in a blog post, Runway CEO Cristóbal Valenzuela stated that the agency would additional scale its efforts to carry new multimodal AI techniques to market.
“Runway has been pushing the boundaries of creativity with synthetic intelligence for the final 5 years, and we’re excited to proceed innovating on a brand new period of artistic instruments for artists and creators in every single place,” Valenzuela stated.
“In 2023, we introduced to market Gen-1 and Gen-2, the primary of their sort video technology fashions. In the present day, our complete suite of AI Magic Instruments are being utilized by Fortune 500 and International 2000 firms, serving to inform new sorts of tales, and streamline workflows.”
On June 17, the corporate launched Gen-3 Alpha, saying it’s the first of an upcoming collection of fashions educated by Runway on a brand new infrastructure constructed for large-scale multimodal training.
Gen-3 Alpha will energy the corporate’s text-to-video, image-to-video and text-to-image instruments, in addition to different, upcoming instruments, the corporate stated in a press launch.
“As a part of the household of Gen-3 fashions, now we have been collaborating and partnering with main leisure and media organizations to create customized variations of Gen-3,” Runway stated within the launch.
In one other current improvement on this area, AI startup Luma AI unveiled a device referred to as Dream Machine that may generate realistic video footage from a number of traces of textual content.
“This not solely ranges the taking part in subject, it decimates it,” HP Newquist, government director of The Relayer Group, instructed PYMNTS in an interview posted in June. “For even these with a touch of curiosity, Dream Machine opens up a complete world of AI to them.”
