The funding will help Synthesia enhance its AI platform and scale the business. Here are the top-line bullets you need to know.
Synthesia, which powers the creation of synthetic videos featuring avatars, has raised a $50M Series B that drew participation from Google Ventures and Kleiner Perkins Caufield & Byers.
HOW’S THE COMPANY PERFORMING?
- UK-based Synthesia uses AI to create synthetic videos from text and works in over 50 languages, saving video makers time, money, and effort.
- Synthesia’s first commercial product, Synthesia Studio, launched last year and is used by thousands of customers.
- The startup has reportedly created over 6M videos for over 4,000 customers over the last year. Some of the company’s major clients include Ernst & Young, SAP, and Accenture.
- Synthesia is supported by a team of over 60 employees.
WHY DOES THE MARKET MATTER?
- The global digital content creation market is estimated to be worth $44.6B, per CB Insights’ Industry Analyst Consensus. Growth in the market is being driven by increasing demand for digital content across platforms — spurred by the Covid-19 pandemic — and the transition to remote work and communications.
- AI startups have had a huge funding year in 2021. In Q3’21, private AI companies raised a record-breaking $17.9B.