Runway, known for its AI software that creates short videos from text prompts, nabbed $141M in a Series C extension round from investors including Google, Nvidia, and Salesforce Ventures. Runway's Gen-2 tool, which generates videos from text, has gained popularity among a diverse user base, from movie directors to small creators. The Gen-2 software, released earlier this year, is described as the "first publicly available text-to-video model on the market." It also generates videos from existing images. - The model is an upgrade from its Gen-1, which takes pre-existing videos and edits them using text or image prompts.
- Using the fresh funding, New York-based Runway plans to scale its research, expand its team, and launch more bring multi-modal AI systems.
- The $141M Series C extension values the company at $1.5B and brings its total funding to $237M, making it among the top 10 most well-funded generative AI startups.
Runway is also one of the startups behind the popular text-to-image generator Stable Diffusion. - 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.
- Runway's AI Magic Tools have been used in movie and TV production, including "The Late Show with Stephen Colbert" and "Top Gear America."
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