Synthesia, a leading artificial intelligence (AI) company based in London, has successfully raised $90 million in a series C funding round, bringing its total valuation to $1 billion.
The company’s groundbreaking AI technology, Synthesia, enables enterprise users, including HR professionals and marketers, to create high-quality video content in 15 minutes without needing traditional camera setups or professional studios.
On June 13, Synthesia officially announced the completion of its latest financing round in a press release. The Series C funding was led by prominent venture capital firm Accel, with active participation from other notable companies such as NVentures and Nvidia‘s venture capital arm.
Existing investors who contributed to its previous series B funding in 2021 also participated in the latest round. These include prominent entities and notable personalities like Leiner Perkins, GV, Firstmark Capital, Alex Wang, Olivier Pomel, and Amjad Massadr.
The AI video generation platform closed its first fundraising in April 2021 with $12.5 million led by FirstMark. The round was followed by another $50 million in December, although the firm did not disclose its valuation.
The company, founded in 2017, has experienced tremendous growth since then, with more users and videos being generated on the platform each year. According to the press release, Synthesia has user growth of 456% year-over-year, with over 12 million videos created on the platform.
AI Company Synthesia Expansion Plans
Through the latest funding, the firm aims to make video creation easy for everyone and has already served many businesses worldwide.
Furthermore, the new capital infusion will enable the company to fast-track its cutting-edge AI research initiatives, propelling innovation and advancement.
The AI generative firm said that since its establishment, it had dedicated its efforts to tackling complex AI challenges and developing its core technology internally.
Victor Riparbelli, Synthesia’s CEO and co-founder, expressed his pride in the team’s accomplishments in making video production easy for everyone. He further noted that while Synthesia was not actively seeking new investments, its new VC partners, Accel and Nvidia, share the company’s vision of transforming traditional video creation into a digital process.
“While we weren’t actively looking for new investments, Accel and Nvidia share our vision for transforming traditional video production into a digital workflow enabling creators to bring their ideas, from training videos to Hollywood films to life with only a Synthesia account. I’m delighted to have them on board as we accelerate our AI research efforts,” he said.
Speaking on the matter, Philippe Botteri, a partner at Accel, noted that Synthesia stood out at its first meeting as one of the rare generative AI companies with unique technology and an exceptional team that delivers good returns on investment for enterprise customers.
In addition to the $100 million funding, the company has secured new partnerships with strategic VC investors. These partners include Tiffany’s, IHG, and Moody’s Analytics.