Synthesia, a London-based generative AI firm specializing in creating realistic human avatars for videos and presentations, has secured $90 million in a Series C funding round, propelling its valuation to a unicorn status of $1 billion. The rapid growth of Synthesia aligns with the increasing popularity of generative AI since the launch of ChatGPT in November.
Led by Accel, the funding round also saw participation from prominent investors, including NVentures (NVIDIA’s venture capital arm), Kleiner Perkins, GV, and Firstmark Capital. This significant investment in Synthesia reflects its emergence as one of the UK’s AI success stories, with its technology disrupting the traditional video production landscape.
Founded in 2017, Synthesia has primarily focused on producing enterprise videos for various applications, such as workplace training and corporate presentations. Leveraging their AI technology, customers can create engaging instructional videos by selecting an avatar, typing in text, and choosing a language. With a sustainable business approach, Synthesia has gained over 50,000 customers, achieving a remarkable year-over-year user growth rate of 456% and generating more than 15 million videos on its platform to date. Renowned venture capital legend Marc Cuban has been on board as an investor, with a notable investment of $1 million back in 2017.
The Series C funding round details were initially reported by CNBC, following earlier reports in April that Synthesia was engaging in discussions with investors to raise additional capital. With this latest injection of funds, Synthesia is well-positioned to continue its trajectory in the field of digital content creation.