Synthesia, a British AI startup, has unveiled new product updates, including the ability to create AI avatar presentations using just a laptop webcam or a phone. This development is part of the company’s strategy to become a comprehensive video production suite for large companies.
What Happened: Synthesia, a seven-year-old company backed by Nvidia Corp. NVDA, has introduced a range of new features to its platform, CNBC reported on Monday.
In a presentation reminiscent of Apple Inc.’s keynotes, Synthesia’s CEO unveiled the company’s latest products, highlighting their focus on enhancing business productivity beyond just providing AI avatars.
These new features include the ability to create AI avatars using webcams or phones, “full body” avatars with hands and arms, and a screen recording tool with an AI avatar guiding users through the content.
Among the most notable features showcased was the ability to create AI-generated avatars with less than five minutes of footage captured via a webcam or smartphone. Additionally, users can clone their voices, enabling the avatars to speak in multiple languages.
The company, whose services are reportedly used by nearly half of the Fortune 500 companies, is now enabling users to create AI avatars for various purposes, such as customized training videos and promotional materials.
According to Synthesia’s co-founder and CEO, Victor Riparbelli, the company initially targeted Hollywood agencies and high-budget video production firms. However, it later shifted its focus to democratizing video creation for millions of people who lack the budget for traditional video production.
See Also: Nvidia’s Brand Recognition Lags Behind Apple, Microsoft Despite Leading AI Revolution And Market Cap
Last year, Synthesia raised $90 million from investors, including U.S. chipmaker Nvidia and venture capital firm Accel, in a funding round that valued the company at $1 billion, earning it “unicorn” status.
Why It Matters: Synthesia’s competitors include AI video tools like Veed, Colossyan, Elai, and HeyGen. Additionally, the Chinese-owned social media app TikTok recently introduced Symphony Assistant, a product that allows creators to make their own AI avatars.
The company generates revenue through various subscription pricing plans, ranging from $22 for a “Starter” plan and $67 for the “Creator” plan to custom “Enterprise” plans with pricing based on negotiations with Synthesia's sales team, according to the report.
For Nvidia, this development underscores the company’s continued investment in and support of AI technology. Nvidia’s CEO, Jensen Huang, recently highlighted the company’s significant investments in deep learning and the resulting AI revolution.
Image Via Pixabay
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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