U.K.-based AI startup Synthesia announced on Tuesday that it raised $90M in funding, valuing the company at $1B. More than 50,000 businesses, including 35% of the Fortune 100, use Synthesia's technology for creating AI-generated videos using digital avatars. Synthesia said it streamlines the video production process by offering animated avatars that resemble humans, eliminating the need for traditional camera setups or studios. - Its technology is used primarily for training, product marketing, instructional, and corporate videos.
- It has seen significant growth, with over 12 million videos created on its platform and a user growth of 456% YoY.
- The company said its avatars are created with consent to address concerns about deepfake technology.
- The funding round was led by Accel, with participation from NVentures (Nvidia's venture capital arm) and other investors.
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