Creating high-quality professional videos can be both time-consuming and costly, but AI advancements are providing businesses with more affordable and efficient solutions. One company making significant strides in this space is Synthesia, an AI-powered video platform that has recently raised $90 million in Series C funding, with Nvidia among the investors.
Synthesia allows businesses to produce instructional videos using either stock or custom AI avatars. The stock avatars are created through a process where an actor is filmed in a studio, reciting a script. This footage is then used to generate a digital twin of the actor, or an AI avatar. For custom avatars, users can request to create avatars based on their own likeness using a similar method. Both types of avatars can speak in over 60 languages and accents, making them ideal for training videos, how-to guides, and other business-related content.
The company has made significant progress toward its goal of making video production easier for everyone, according to Synthesia’s Co-founder and CEO, Victor Riparbelli. However, he notes that there is still much to accomplish. Synthesia has seen remarkable growth, with a 456% year-over-year increase and over 12 million videos generated so far. It serves over 50,000 businesses globally, with clients reporting up to 95% savings in production time, leading to substantial cost reductions. Among Synthesia’s customers are well-known brands like Tiffany’s, IHG, Moody’s Analytics, and even entities within the United Nations.
The latest funding round was led by Accel, with additional investment from NVentures (Nvidia’s venture capital arm) and participation from existing investors like Kleiner Perkins, GV, Firstmark Capital, Alex Wang, Olivier Pomel, and Amjad Masad.
Riparbelli shared that the company was not actively seeking new investment but was excited that Accel and Nvidia shared its vision to transform traditional video production into a digital process that enables creators to bring their ideas to life. Accel Partner Philippe Botteri commented that Synthesia stood out due to its unique technology, exceptional founding team, and strong return on investment for enterprise customers. He highlighted that Synthesia’s ability to drastically reduce video production costs and time opens up new possibilities for corporate training, marketing, and communication.
Synthesia plans to use the new funding to accelerate its AI research, an area the company has focused on since its founding in 2017. The company’s research and development team works closely with Technical University of Munich (TUM) and University College London (UCL), leading to several breakthroughs in AI technology.
Riparbelli also mentioned in a blog post that the company is working on the next generation of avatar technology, which will offer more natural expressions, improved movements, better voices, and additional customization options for avatars.
