London-based startup, Synthesia, creators of hyper-realistic AI avatar technology to create avatar-based videos, have reported significant enterprise success. Now counting 60,000 businesses and 1 million users utilising its pioneering technology for marketing, sales, and training purposes.
In a Series D fundraising round, Synthesia has secured $180 million in investment, enriching the firm’s valuation to a staggering $2.1 billion. The round featured participation from NEA, World Innovation Lab (WiL), Atlassian Ventures and PSP Growth along with previous backers GV and MMC Ventures. With a cumulative funding of $330 million, Synthesia aims to propel business growth.
Following the funding, the startup intends to focus on Asia Pacific market expansion, in addition to strengthening its AI product offerings. Aiming to increase avatar realism and interaction capabilities, Synthesia wishes to empower users by creating more “agents” to simplify avatar-based content creation.
Though on a successful trajectory, Synthesia is not keen to acquire other businesses. It prefers leveraging APIs for services not built in-house alongside developing its own tech. This open approach, anchored by collaborations including Eleven Labs for voice, has benefited the business in achieving its existing position.
AI companies continue to captivate investors, with AI startups grasping 37% of the $368.5 billion global startup investments recorded in 2024. Amidst surrounding AI critiques, there’s immense faith in its potential to elevate industries. Synthesia, one of the companies endorsed by the U.K. government’s launched AI action plan, is seen as an influential player to reconstruct public services and boost the economy.
Surpassing 50,000 in June 2023, the firm now boasts 60,000 business customers. Synthesia holds a unique edge by offering business-focused AI video products and focuses on delivering practical value. This earns investor confidence, setting Synthesia up for a promising and progressive future.
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