AI video creation firm Synthesia bags $90m in Series C at $1bn valuation
Synthesia, a London-based artificial intelligence (AI) video creation platform, has successfully raised $90 million in a Series C funding round led by Accel.
The Series C round, which also drew investment from NVIDIA’s venture capital arm NVentures, has boosted Synthesia’s valuation to $1 billion. Additionally, the round had participation from existing investors GV, Kleiner Perkins, Alex Wang, Firstmark Capital, Amjad Masad, and Olivier Pomel.
Philippe Botteri — Accel Partner said: “From our first meeting, Synthesia stood out as one of the few generative AI companies combining a differentiated technology, an exceptional founding team, and a very strong ROI for its enterprise customers.
“By dramatically lowering the cost and production time of videos, Synthesia is opening a new range of use cases for corporate training, marketing, and communication videos. With their research team constantly pushing the limits of AI video generation, I could not be more excited about our investment in the company.”
Established in 2017, Synthesia’s team of over 200 employees is devoted to transforming physical video production into an entirely digital process. The company’s platform enables enterprise users, including HR managers and marketers, to create high-quality instructional videos featuring stock or custom AI avatars.
Clients report savings of up to 95% in production time, translating into thousands of dollars in reduced costs and increased engagement.
Synthesia has grown rapidly, with a 456% year-over-year user growth rate and over 12 million videos generated on its platform. The company is currently serving more than 50,000 businesses worldwide. The fresh capital will aid in Synthesia’s mission to simplify and digitize video production, eliminating the need for traditional cameras or studios.
The firm has recently added Tiffany’s, IHG, Moody’s Analytics, and various entities of the United Nations to its growing customer base, which already includes 35% of Fortune 100 companies.
The recent injection of capital will also accelerate Synthesia’s AI research initiatives. The company’s R&D team, in collaboration with the Technical University of Munich and University College London, has been addressing some of the most challenging problems in AI since the firm’s inception.
By building its core technology in-house, Synthesia has been at the forefront of numerous AI breakthroughs.
Victor Riparbelli — Synthesia Co-founder and CEO said: “We’ve made great strides toward our vision to make video easy for everyone, but there’s still a long way to go. I’m proud of our team for building Synthesia into a sustainable company that delivers real business utility, not just novelty, for our thousands of customers.
“While we weren’t actively looking for new investment, Accel and NVIDIA share our vision for transforming traditional video production into a digital workflow that will enable creators to bring their ideas, from training videos to Hollywood films, to life with only a Synthesia account.”