On Tuesday, June 13, London’s Synthesia, a platform for AI-powered video creation, unveiled a significant milestone. The company successfully raised $90M (equivalent to approximately €83.2M) in a Series C funding round, propelling its valuation to an impressive $1B.
Accel Ventures and NVentures, the venture capital arm of NVIDIA, took the lead in spearheading the round. Notably, a roster of esteemed existing investors, including Kleiner Perkins, GV, Firstmark Capital, Alex Wang, Olivier Pomel, and Amjad Masad, also actively participated in the funding round.
With the newly acquired funds, the company plans to expedite its AI research endeavors and expand the capabilities of its collaborative video editing platform. Additionally, the UK-based company made significant customer additions to its already impressive client base. Notably, renowned organizations such as Tiffany’s, IHG, Moody’s Analytics, and various United Nations entities have now joined as valued customers. Remarkably, the startup’s customer base already encompasses an impressive 35 percent of the Fortune 100 companies.
Co-founder and CEO, Victor Riparbelli, highlights the company’s remarkable progress in simplifying video creation for all individuals. However, he acknowledges that there is still a considerable distance to cover on their journey. Riparbelli further emphasizes that although they weren’t actively seeking additional investment, Accel and NVIDIA’s alignment with Synthesia’s vision is evident. Together, they aim to revolutionize traditional video production by enabling creators to unleash their ideas, ranging from training videos to Hollywood films, through the power of a Synthesia account.
Advertisement
About Synthesia
Established in 2017 by Steffen Tjerrild, Prof. Lourdes Agapito, Prof. Matthias Niessner, and Victor Riparbelli, Synthesia has developed a remarkable platform. This platform empowers various enterprise users, including HR managers and marketers, to effortlessly generate top-notch instructional videos. These videos feature either stock or customized AI avatars, ensuring a high level of quality.
Synthesia proudly asserts that its clients have experienced noteworthy benefits, with reported production time savings of up to 95 percent. Such efficiency translates into significant cost reductions and enhanced engagement from both employees and customers, amounting to savings worth thousands of dollars.
With over 50,000 businesses already utilizing Synthesia‘s technology, the platform enables them to create training materials, instructional content, and product marketing videos in a matter of minutes. This adoption demonstrates the widespread appeal and effectiveness of Synthesia’s offering.
At present, the company employs approximately 200 talented individuals who are diligently working to revolutionize the conventional video production process, seamlessly transitioning it into an entirely digital realm.
What the Investors say
Accel Partner, Philippe Botteri, recognizes Synthesia’s unique position in the generative AI landscape, combining exceptional technology, a talented founding team, and delivering significant return on investment for enterprise customers. According to Botteri, the company has stood out from the crowd since their initial meeting.
Botteri further emphasizes that Synthesia’s ability to drastically reduce video production costs and time opens up a wide range of possibilities for corporate training, marketing, and communication videos. He expresses excitement about the company’s continuous push to expand the boundaries of AI video generation and expresses his enthusiasm for the investment in Synthesia.
Head of NVentures at NVIDIA, Mohamed “Sid” Siddeek, acknowledges the transformative potential of generative AI across various industries. He commends Synthesia for their groundbreaking efforts in applying these tools to enterprise video production. Siddeek envisions a future where anyone can effortlessly create studio-grade videos, eliminating the traditional barriers imposed by cameras or microphones.
