The funding for Runway, one of two startups behind popular text-to-image tool Stable Diffusion, is the latest indication that generative AI has become a rare oasis as VC dries up.
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.
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