This AI Startup Generates Videos With Text — And It Just Raised $141M Led By Google And Nvidia

Generative AI startup Runway has raised $141 million from investors which include Alphabet Inc.-owned GOOGL Google and Nvidia Corp. NVDA. Runway helps content creators generate videos and tweak existing ones using text prompts and images.

What Happened: AI startup Runway has raised $141 million as part of its Series C funding round, led by Google, Nvidia, Salesforce Ventures, and others, including existing investors.

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Runway intends to use the latest funding towards its research efforts.

"This funding allows us to further scale our in-house research efforts to continue to bring state-of-the-art multi-modal AI systems to market," the company said in a statement.

Runway's fundraise comes close on the heels of another AI startup, Inflection, raising $1.3 billion led by Microsoft Corp. MSFT, Nvidia, LinkedIn co-founder Reid Hoffman, Microsoft co-founder Bill Gates, and former Google CEO Eric Schmidt.

Runway was founded in 2018 by Cristóbal Valenzuela, Alejandro Matamala, and Anastasis Germanidis with the objective of making content creation more accessible.

Runway also helped develop Stable Diffusion which generates images based on text prompts. The company's latest flagship product, Gen2, is currently available for testing, with a free tier that lets you get a glimpse of what it can do. Its paid plans start at $15 per user per month.

Capitalizing On AI Buzz: The success of OpenAI's ChatGPT has put AI in the limelight this year. Inflection's $1.3 billion fundraise is the second biggest this year, only behind Microsoft's $10 billion investment in OpenAI.

Thursday alone was particularly busy in the generative AI space, with Inflection, Runway and Typeface raising over $1.5 billion cumulatively.

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Photo courtesy: Runway AI