British artificial intelligence (AI) firm Synthesia is now a $2.1 billion company.
The London-based firm announced Wednesday (Jan. 15) that it had raised $180 million in new funding to help develop its platform for creating and publishing AI videos.
“Four years ago, we brought the world’s first AI avatars to life. Today, the Synthesia platform has evolved way beyond that — dubbing, screen recording, translation, collaboration, assisted creation and so much more enable our customers to communicate with unmatched engagement and efficiency,” the company said in its announcement.
In the coming year, Synthesia added, it will introduce new AI-powered video offerings, pairing the company’s avatar technology with large-language models and a new video player.
The company — citing information from Dealroom — says it is now the largest generative AI media company in the U.K. by valuation, and the second biggest AI firm overall. Synthesia has offices in seven countries and customers in many markets and industries, generating a little more than half of its revenue from the U.S.
Synthesia was valued at just north of $1 billion 18 months ago after raising $90 million in a Series C funding round.
As covered here last year, Synthesia’s technology includes its “Expressive Avatars,” which aim to shake up professional video production by blurring the lines between virtual and real characters. The technology is said to do away with the need for cameras, microphones, actors and lengthy editing processes, cutting down on production costs.
“The biggest point here is that avatar usage is going to continue to grow,” Ben Ferguson, COO at Soundscape VR, which uses generative AI, told PYMNTS.
“And more than likely, we will exist in a world where we have multiple avatars for different platforms. An avatar that has been created or assisted in creation by AI can really help narrow down the specific case use of those avatars and refine the look and appearance of what might be needed.”
Meanwhile, Victor Riparbelli, chief executive of Synthesia, told the Financial Times Wednesday that the funding round demonstrates investor enthusiasm in the U.K. AI sector.
“The UK is the only country in the European region right now that has a real shot at becoming a top-three AI superpower,” he said.
But as that report notes, the financing arranged by tech companies in Great Britain and Europe are overshadowed by investments into Chinese and American firms, with critics arguing that startups in Europe are hindered by the region’s stricter AI regulations.
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