London-based Synthesia, an AI video creation platform, announced that it has secured $90M 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 percent of the Fortune 100.
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 percent 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.
Read more on Tech Gist Africa: