London-based GenAI unicorn Synthesia secures €174.5M at €2B valuation: Know more

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On Wednesday, London-based Synthesia, an AI video creation platform, announced that it has secured a $180M (approximately €174.5M) Series D funding round led by NEA.

New Enterprise Associates (NEA) is a global venture capital firm that invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO.

The VC has more than $25B in assets under management as of June 30, 2024. 

“We believe Synthesia’s commitment to enterprise-grade solutions and its impressive traction with customers – 60% of Fortune 100 companies are Synthesia customers – sets the company apart in a rapidly evolving market,” says Philip Chopin, Managing Director, NEA UK. 

Others investors, including GV, MMC Ventures, FirstMark, and new backers such as WiL (World Innovation Lab), Atlassian Ventures, and PSP Growth, participated.

The latest funding brings Synthesia’s total capital raised to over $330M  (approximately €320M), valuing the company at $2.1B  (approximately €2B).

The company will use the funds to fuel its next phase of growth, support product development and talent growth, and expand its innovative AI-powered video platform into several markets, including Japan, Australia, Europe, and North America.

“This new investment will help us develop a new generation of AI-powered video experiences that are interactive, real-time, and personalised, offering possibilities we could have only imagined when we founded the company in 2017. I’m excited to bring these experiences to our over 60,000 customers, which range from the world’s largest brands to thousands of small businesses that use Synthesia to communicate internally and externally with unmatched engagement and efficiency,” says Victor Riparbelli, CEO and co-founder of Synthesia.

Appoints new CTO

Besides funding, the UK company also announced the appointment of Peter Hill as Chief Technology Officer.

Hill brings deep technical expertise and a proven track record from previous roles as CEO and CPO at Wildfire Studios, as well as a 25-year tenure at Amazon and AWS, where he drove large-scale technical innovation and growth.

Largest generative AI media company

According to Dealroom, Synthesia is now the largest generative AI media company in the UK by valuation and the second largest in the overall AI category.

The company has a global footprint, with offices in seven countries and customers across many markets and industries, generating just over half of its revenue from the United States.

Yoram Wijngaarde, Founder and CEO of Dealroom, says, “Synthesia’s Series D signals that European AI is picking up where they left off in 2024. AI startups accounted for over 25 per cent of European venture capital last year, up from 15 per cent just four years ago. In one of the most significant technological waves in decades, Synthesia stands out among the emerging AI unicorns reshaping the landscape from this side of the Atlantic.”

Synthesia 2.0

In June 2024, the company introduced Synthesia 2.0, the world’s first enterprise AI video platform that transforms video production and distribution for businesses.

This platform enables the creation and sharing of AI-generated videos at scale for various applications, such as training, sales, customer support, and marketing.

Key features include:

  • Customisable AI avatars that speak over 30 languages
  • AI screen recorder for easy video creation,
  • AI video assistant
  • Multilingual video player,
  • A video localisation solution 
  • Live collaboration

The company claims that it meets rigorous enterprise standards, ensuring safe and responsible use of AI technology. In September 2024, Synthesia became the world’s first AI video company to be certified by A-LIGN as ISO 42001 compliant.

Synthesia is also the only company in its class to conduct a comprehensive and public red team test of its AI video platform.

The test took place in October 2024 and was organised by Humane Intelligence, a tech non-profit led by Dr. Rumman Chowdhury, in collaboration with NIST, the US government agency responsible for innovation and industrial competitiveness. 

Science, Innovation, and Technology Secretary Peter Kyle says, “Synthesia’s latest investment is a powerful demonstration of how our Plan for Change is encouraging innovation and driving growth in the UK’s thriving AI sector. This funding showcases the confidence investors have in British tech, especially following our newly announced blueprint for AI, and highlights the global leadership of UK-based companies in pioneering generative AI innovations. Synthesia’s success story underscores how the UK remains the ideal place for companies to grow, thrive, and lead the next chapter of the digital revolution.”

Synthesia: Create high-quality videos in minutes

Founded by Steffen Tjerrild, Prof. Lourdes Agapito, Prof. Matthias Niessner, and Victor Riparbelli in 2017, Synthesia’s platform allows any enterprise user, from HR managers to marketers, to easily create high-quality instructional videos featuring stock or custom AI avatars. 

Synthesia claims that its clients report up to 95 per cent savings in production time. This amounts to thousands of dollars in reduced costs and increased engagement from their employees and customers.

Over 1 million users across 60,000 businesses use Synthesia’s technology to create training, instructional, and product marketing videos in minutes. 

Currently, the company employs over 400 people across its offices in London (where it is headquartered), New York, Copenhagen, Amsterdam, Zurich and Munich. 

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Vigneshwar Ravichandran

Vigneshwar has been a News Reporter at Silicon Canals since 2018. A seasoned technology journalist with almost a decade of experience, he covers the European startup ecosystem, from AI and Web3 to clean energy and health tech. Previously, he was a content producer and consumer product reviewer for leading Indian digital media, including NDTV, GizBot, and FoneArena. He graduated with a Bachelor's degree in Electronics and Instrumentation in Chennai and a Diploma in Broadcasting Journalism in New Delhi.

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