Runway, an AI video startup, has raised $308 million in a new funding round. The round was led by private equity firm General Atlantic and aims to help Runway further expand its new media ecosystem.
Sources say the New York-based Runway is now valued at over $3 billion following this latest funding round. In addition to General Atlantic, the round included participation from several prominent investors, including SoftBank Group, Nvidia, Fidelity Management & Research Company, and Baillie Gifford.
Since its founding in 2018, Runway has focused on developing AI technology for image and video editing. The company has launched a series of AI tools for individual and enterprise users, covering features such as text-to-image, image-to-image, and background replacement. Its product, RunwayML, has gained significant industry attention and has even been used in Hollywood productions, including the Oscar-winning film "Everything Everywhere All at Once," where it helped achieve high-quality visual effects with reduced manpower.
Runway stated that the newly raised funds will primarily be used for research and development, team expansion, and market expansion to further solidify its leading position in the AI video field. The company aims to provide users with more powerful and convenient video creation tools and drive the in-depth development of the new media ecosystem.
