Artificial Intelligence (AI)-Based Video Startup Track is seeking to raise $450 million at a valuation of $4 billion.
The company is in talks with investors, according to Reuters reported Tuesday (July 2) paywalled article by The Information, which cites anonymous sources.
Runway did not immediately respond to PYMNTS’ request for comment.
The company offers software that generates videos from text messages or images, according to the Reuters report.
In June 2023, Runway raised a total of $141 million from Google and Nvidia And other investors and was valued at $1.5 billion, the report said.
When announcing this fundraising in a blog postCEO of Runway Cristóbal Valenzuela said that the The company will further intensify its efforts to bring new multimodal AI systems to market.
“Runway has been pushing the boundaries of creativity through artificial intelligence for the past five years, and we are excited to continue innovating a new era of creative tools for artists and creators everywhere,” said Valenzuela.
“In 2023, we launched Gen-1 and Gen-2, the first-of-its-kind video generation models. Today, our entire suite of AI Magic Tools are used by Fortune 500 and Global 2000 companies, helping tell new types of stories and streamline workflows.”
On June 17, the company unveiled Gen-3 Alpha, saying it was the first in a series of upcoming models that Runway will train on new infrastructure designed for large-scale flight. multimodal training.
Gen-3 Alpha will power the company’s text-to-video and image-to-video solutions And text-to-image conversion tools, with more to come, the company said in a press release.
“As part of the Gen-3 model family, we have collaborated and partnered with leading entertainment and media organizations to create custom versions of Gen-3,” Runway said in the release.
In another recent development in this field, AI startup Luma AI revealed a tool called Dream Machine that can generate realistic video sequences of a few lines of text.
“Not only does it level the playing field, it decimates it,” HP Newquistexecutive director of The relay grouptold PYMNTS in an interview published in June. “Even for those with a hint of interest, Dream Machine opens up a whole world of AI.”
