AI-driven video generation startup Colossyan has raised €1 million in a seed round. The startups’ aim is to enable individuals and companies to produce videos at scale, at a fraction of the traditional cost. The funding is expected to be used to further increase the quality of generated videos as well as introduce new features to the product lineup.
Colossyan was established in 2020 by Kristof Szabo, Dominik Mate Kovacs, and Zoltan Kovacs, and launched earlier this year. With the release of their API, the company has seen integration from “several” companies active in the news, media, and finance sectors.
The company focuses on providing business communications services, specifically, “in news and media, finance and banking, e-commerce and virtually any other segment in which companies might struggle with video production.” Now, I have to admit, this does make me wonder about the verification of information that might be created and spread with this tool. And yes, I'm talking about deep fakes.
According to Colossyan’s website: “The power of synthetic media generation technology can be a dangerous tool in the wrong hands. At Colossyan, we develop technology to boost innovation and provide access to this revolutionary technology for businesses. We make sure all videos and content we are producing are aligned with these ethical standards. We use invisible watermarking technology provided by Defudger to track the videos we produce and avoid any use that was not intended.”
Henric Hungerhoff of APX comments, "Video content is core for almost any brand. Colossyan strengthens the backbone of companies, enabling unique customer experiences, storytelling, and successful marketing. As the first investor, we have supported Colossyan’s vision to transform the industry with an ethical solution to generate content digitally.”
Photo: Dominik Tryba