London-based Synthesia, an AI video creation platform, announced on Tuesday, June 13, that it has secured $90M (approximately €83.2M) in a Series C round of funding at a valuation of $1B.
The round was led by Accel Ventures and NVIDIA’s venture capital arm NVentures. Existing investors Kleiner Perkins, GV, Firstmark Capital, Alex Wang, Olivier Pomel, and Amjad Masad also participated in the round.
The company says it will use the funds to accelerate its AI research and further build out its collaborative video editing platform.
Besides funding, the UK company also announced the addition of Tiffany’s, IHG, Moody’s Analytics, and United Nations entities to its customer base. This already includes 35 per cent of the Fortune 100.
“We’ve made great strides toward our vision to make video easy for everyone, but there’s still a long way to go,” 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,” adds Riparbelli.
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.
More than 50,000 businesses use Synthesia’s technology to create training, instructional, and product marketing videos in minutes.
Currently, the company employs around 200 people working to transform physical video production into an entirely digital process.
What the investors say
“From our first meeting, Synthesia stood out as one of the few generative AI companies combining 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,” adds Botteri.
“The transformative power of generative AI provides new capabilities to a broad range of industries,” says Mohamed “Sid” Siddeek, Head of NVentures, NVIDIA. “Synthesia is doing breakthrough work bringing these tools to enterprise video production, helping to enable a future where anyone can generate studio-grade videos without the physical barriers of cameras or microphones.”
