Colossyan, a London-based AI-text-to-video platform, has announced the successful completion of a new funding round at $22 million. Led by Lakestar, the round saw participation from existing investors Launchub, Day One Capital, and Emerge Education, with the capital allocated to further fueling Colossyan's product development.
The round builds substantially on a $5 million investment announced almost one year prior, and follows a bumper year at Colossyan, one that saw year-on-year growth of 600 per cent and the acquisition of business from clients including Porsche, Vodafone, and Paramount.
Initially pitched as a synthetic video production tool, and aimed at “news and media, finance and banking, e-commerce and virtually any other segment in which companies might struggle with video production,” Colossyan has gone on to find its niche in corporate training videos.
Colossyan CEO and co-founder Dominik Kovacs shares:
"The success we've achieved at Colossyan has come from listening to and quickly acting on insights we receive from leaders in corporate training, sales enablement, and customer education.
"Their valuable feedback has led to the unique features that distinguish our product from competitors. We've clearly understood the message from our customers who want us to concentrate on developing tools to make content more interactive. This enables companies to create experiences that move beyond 'flat' video formats.”
While we can dress it up in any number of industry buzzwords, Colossyan is what you think it is — a cut-and-dry method of inputting a script, selecting or creating an avatar, and videos can be generated without conventional filming resources, or professionals, such as cameras, studios, or actors.
According to Colussyan, customers report a significant reduction in cost and production time, typically around 70-80 per cent.
On the investment, Lakestar partner Akis Bratsos commented:
"Colossyan distinguishes itself through rapid execution, a customer-centric approach, and cutting-edge technology.
“The impressive ROI they have delivered to their customers is a key driver of their remarkable growth. I am genuinely excited about collaborating with Colossyan in their continued expansion."
Lead image: The Colossyan team.