Runway, a startup creating a spread of generative AI fashions for media manufacturing, together with video-generating fashions, has raised $308 million in a Sequence D funding spherical.
Common Atlantic led the spherical, which had participation from Constancy Administration & Analysis Firm, Baillie Gifford, Nvidia, SoftBank, and others. The recent capital will probably be put towards AI analysis and hiring, Runway stated in a press launch, as nicely to broaden its Runway Studios movie and animation manufacturing arm.
To this point, Runway has raised $536.5 million, based on Crunchbase.
“Immediately marks an essential milestone as Runway declares a major subsequent step in the direction of our aim of making a brand new media ecosystem with world simulators,” the corporate wrote within the press launch. “[Our recent] developments aren’t merely incremental enhancements; they type the muse for a wholly new method to media — an ecosystem constructed on AI techniques that may simulate our world.”
Runway provides a set of AI media instruments, together with video- and image-generating fashions. It faces stiff competitors within the video technology house, together with from OpenAI and Google. However the firm has fought to distinguish itself, inking a cope with a serious Hollywood studio and earmarking thousands and thousands of {dollars} to fund movies utilizing AI-produced footage.
This week, Runway launched Gen-4, a video-generating mannequin that the corporate claims can create constant characters, areas, and objects throughout scenes, preserve “coherent world environments,” and regenerate parts from totally different views and positions inside scenes. With merchandise like Gen-4 and its not too long ago launched API for video fashions, Runway hopes to hit $300 million in annualized income this yr.
One attainable roadblock is a lawsuit introduced by artists in opposition to Runway and different generative AI firms that accuses the defendants of coaching their fashions on copyrighted paintings with out permission. Runway argues that the doctrine often called honest use shields it from authorized repercussions. It isn’t but clear whether or not the corporate will prevail.
Up to date 6:21 a.m. Pacific: The unique model of this story mistakenly indicated that Runway had raised $300 million in its Sequence D. It has, in truth, raised $308 million. We remorse the error.
