Video startup using artificial intelligence (AI) Runway The company is reportedly seeking to raise $450 million at a valuation of $4 billion.
Company in talks with investors, Reuters report Tuesday (July 2) Based on paid content article According to The Information, citing anonymous sources.
Runway did not immediately respond to PYMNTS’ request for comment.
According to a Reuters report, the company offers software that generates videos from text prompts and images.
In June 2023, the runway Sum of Google gets $141 million from Nvidia and The company was valued at $1.5 billion by other investors, according to the report.
When announcing a fundraiser, Blog PostRunway CEO Cristobal Valenzuela Said the The company will further expand its efforts to bring new multimodal AI systems to market.
“Runway has been pushing the boundaries of creativity with artificial intelligence for the past five years, and we’re excited to continue innovating for a new era of creative tools for artists and creators around the world,” said Valenzuela.
“In 2023, we brought our first generative video models, Gen-1 and Gen-2, to market. Today, our entire suite of AI magic tools is teeth It’s used by Fortune 500 and Global 2000 companies to help them tell new types of stories and streamline their workflows.”
The company announced Gen-3 Alpha on June 17, saying it was the first in a series of upcoming models that Runway will train on its new infrastructure built for large scale. Multimodal Training.
Gen-3 Alpha will enhance the company’s text-to-video and image-to-video conversion capabilities. and In a press release, the company also announced a text-to-image conversion tool, along with other tools to be released in the future.
“As part of the Gen-3 model family, we have worked and partnered with leading entertainment and media organizations to create custom versions of the Gen-3,” Runway said in a release.
Another recent development in this area is AI startup Luma AI Announced A tool called the Dream Machine Can Generate realistic videos Footage from just a few lines of text.
“This doesn’t just level the playing field, it destroys it.” HP Newquist,Executive Director Relayer Groupsaid in an interview with PYMNTS. Posts “For anyone with even the slightest bit of interest, Dream Machine completely opens up the world of AI.”
