London-based AI video creation platform Synthesia has raised $90 million in Series C funding round which will see it continue to simplify video production with the use of AI.
The round, which values the company at $1 billion, is led by Accel with investment from NVentures, NVIDIA’s venture capital arm, and includes existing investors Kleiner Perkins, GV and Firstmark Capital.
“We’ve made great strides towards our vision to make video easy for everyone, but there’s still a long way to go. I’m proud of our team for building Synthesia into a sustainable company that today delivers real business utility, not just novelty, for our thousands of customers,” says Synthesia co-founder and CEO Victor Riparbelli. “While we weren’t actively looking for new investment, Accel and NVIDIA share our vision for transforming traditional video production into a digital workflow that will enable creators to bring their ideas, from training videos to Hollywood films, to life with only a Synthesia account. I’m delighted to have them on board as we further accelerate our AI research efforts.”
Synthesia is a AI video creation platform for enterprises - making video production simple and intuitive without the need for cameras or studios. Founded in 2017 it claims a year-over-year user growth rate of 456% and over 12 million videos generated on the platform to date, the company has consistently driven triple digit growth while serving more than 50,000 businesses across the globe.
"From our first meeting, Synthesia stood out as one of the few generative AI companies combining a differentiated technology, an exceptional founding team, and a very strong ROI for its enterprise customers," says Philippe Botteri, Partner at Accel. "By dramatically lowering the cost and production time of videos, Synthesia is opening a new range of use cases for corporate training, marketing, and communication videos. With their research team constantly pushing the limits of AI video generation, I could not be more excited about our investment in the company."
Main image: Synthesia founders Steffen Tjerrild, Prof. Lourdes Agapito, Prof. Matthias Niessner and Victor Riparbelli (credit: synthesia.io)