Generative AI startup Runway raises $100M

Generative AI startup Runway has nabbed a;$100M funding round;at a $1.5B valuation, Business Insider reports. ;Runway is;one of the startups;behind the popular text-to-image generator Stable Diffusion. The startup has also released software that uses AI to edit or create short videos. According to Business Insider, Runway's Series D round was raised from an unidentified cloud service provider rather than a traditional VC firm. It triples Runway's valuation from its Series C funding round, which took place only five months ago and valued the company at $500M. In addition to Stable Diffusion, Runway's;new iOS app;relies on generative AI to alter the style of videos on iPhones using text and image prompts. Its separate;Gen-2 software;requires only text prompts to create original videos up to 3 seconds long. According to Axios, Runway's AI Magic Tools have been ;used in movie and TV production, including "The Late Show with Stephen Colbert" and "Top Gear America."