Synthetic intelligence (AI)-powered video startup Runway is reportedly trying to elevate $450 million at a valuation of $4 billion.
The corporate is in talks with buyers, Reuters reported Tuesday (July 2) primarily based on a paywalled article by The Data that cited unnamed sources.
Runway didn’t instantly reply to PYMNTS’ request for remark.
The corporate affords software program that generates movies from textual content prompts or photos, in response to the Reuters report.
In June 2023, Runway raised a complete of $141 million from Google, Nvidia and different buyers and was valued at $1.5 billion, per the report.
When saying that fundraising in a weblog put up, Runway CEO Cristóbal Valenzuela mentioned that the agency would additional scale its efforts to convey new multimodal AI techniques to market.
“Runway has been pushing the boundaries of creativity with synthetic intelligence for the final 5 years, and we’re excited to proceed innovating on a brand new period of artistic instruments for artists and creators all over the place,” Valenzuela mentioned.
“In 2023, we delivered to market Gen-1 and Gen-2, the primary of their variety video era fashions. Right now, our complete suite of AI Magic Instruments are being utilized by Fortune 500 and International 2000 firms, serving to inform new kinds of tales, and streamline workflows.”
On June 17, the corporate launched Gen-3 Alpha, saying it’s the first of an upcoming sequence of fashions educated by Runway on a brand new infrastructure constructed for large-scale multimodal coaching.
Gen-3 Alpha will energy the corporate’s text-to-video, image-to-video and text-to-image instruments, in addition to different, upcoming instruments, the corporate mentioned in a press launch.
“As a part of the household of Gen-3 fashions, now we have been collaborating and partnering with main leisure and media organizations to create customized variations of Gen-3,” Runway mentioned within the launch.
In one other latest growth on this house, AI startup Luma AI unveiled a instrument referred to as Dream Machine that may generate lifelike video footage from a number of traces of textual content.
“This not solely ranges the taking part in subject, it decimates it,” HP Newquist, govt director of The Relayer Group, informed PYMNTS in an interview posted in June. “For even these with a touch of curiosity, Dream Machine opens up a complete world of AI to them.”
