Synthesia Joins Unicorn Club Amid Flurry of AI Investments

The British company Synthesia, which specializes in developments in the field of artificial intelligence, announced that following the results of the Series C financing round, it managed to raise investment funds in the amount of $90 million.

Synthesia Joins Unicorn Club Amid Flurry of AI Investments

A message posted on the firm’s LinkedIn page last Tuesday, June 13, contains information that after another investment raising, the total amount of financing for the company increased by more than $1 billion. The message also notes that 6 years ago no one really understood the concept of Synthesia’s activities. When the generative video was first announced, people simply did not understand what was meant.

In 2023, the company, co-founded by Victor Riparbelli, Steffen Thierreld, Matthias Nisner, and Lourdes Agapito, has a customer base that consists of 50 thousand people and has significantly increased against the background of the generative artificial intelligence boom. Representatives of the firm said that the new funding will be aimed at revolutionizing video production and expanding the boundaries of what is possible in this business.

Currently, venture capital companies are investing hundreds of millions of dollars in the field of artificial intelligence for video. Pitchbook data shows that last year venture capital companies allocated $187.7 million for the development of this sector. In 2017, the corresponding figure was equal to $ 1 million.

Synthesia has become one of the beneficiaries of a wave of investment in generative artificial intelligence for video. Also, this process turned out to be beneficial for the New York company Runway, which uses AI to create images and videos, combine content and edit according to prompts. Another beneficiary of this trend in the field of investment was the startup Deep Voodoo, which was launched by the creators of South Park and last year raised funding in the amount of $ 20 million.

Generative artificial intelligence has already begun to change the way consumers interact with brands. Experts say that AI improves the quality of customer service through the ability to recognize emotional reactions, offer advice, and complete entire transactions.

For example, this week Salesforce introduced its new artificial intelligence cloud and the underlying Einstein GPT tool. This solution will allow sales representatives to automatically generate personalized emails tailored to the needs of customers. Customer services use the new tool to create personalized responses in the agent chat and summaries of requests.

Also this week, the ServiceNow digital document management platform announced its Now Assist program for a virtual agent, which is currently operating in pilot mode before a full launch scheduled for September. Bill McDermott, Chairman of the company’s management Board, says that generative artificial intelligence will allow customers to maximize return on investment.

As we have reported earlier, Crypto Startup Co-Founded by Sam Altman Raises $115 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.