Runway ML, one of the two startups behind the popular AI text-to-image model Stable Diffusion, has raised new funding at a $500 million valuation.
Runway's cofounders Anastasis Germanidis, Alejandro Matamala-Ortiz and Cristóbal Valenzuela are immigrants who met while studying as art students at New York University.
The company previously raised a total of $44 million and after a Series B funding round last December, it was valued at $200 million. The company employs 35 people, almost half of whom are immigrants on visas, a choice important to the founders, who are immigrants themselves . Valenzuela said he would use the new money to bolster research efforts and accelerate its product roadmap.
for video editing. New Balance has used the software to help design athletic shoes. Since the launch of Stable Diffusion, adoption of the product has been “way more mainstream,” according to Valenzuela. In the long run, he envisions building an Adobe-esque suite of AI-native video editing software tools with fantastical applications.
“We do research on foundational AI models, we build the infrastructure to use those models and then we build applications,” Valenzuela said. In the case of popular open source text-to-image AI model Stable Diffusion, Runway’s principal research scientist Patrick Esser coauthored the initial research paper alongside academics at the Ludwig Maximilian University of Munich.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | Credit Suisse’s Investment Bank Spinoff Attracts Saudi Crown PrinceSaudi Arabia's crown prince and a U.S. private-equity firm run by Barclays PLC's former chief executive are among those preparing to invest in Credit Suisse's upstart investment bank
Read more »
The best 4K TVs for under $500: which is the best? | Digital TrendsLooking for a new TV but can't afford the major expense? Guess what? You can still get a great 4K TV for just 500. Here are six models to consider.
Read more »
Brazil soccer legend Pele in stable condition amid cancer battle, hospital saysBrazilian soccer legend Pele remains in stable condition after being hospitalized earlier this week as he battles colon cancer, a new medical report released by Sao Paulo's Albert Einstein Hospital said on Saturday.
Read more »
Football world wishes Pelé well as the Brazilian star remains in stable condition | CNNPast and present soccer stars have been wishing Pelé well on social media as the Brazilian great's health condition remains stable, according to a hospital statement on Saturday.
Read more »
Hospital officials say Pelé is in stable healthThe Torch hotel outside Khalifa Stadium had a message on its side on Saturday sending well wishes to Pelé, the three-time World Cup winner from Brazil who has been battling colon cancer.
Read more »