Photoroom, a Paris, France-based AI photo editor, secured $43 million in Series B funding, bringing its total funding to $64 million.
SaaS Investors
The round was led by Balderton Capital and Aglaé, with YCombinator participation.
Balderton Capital is a multistage venture firm based in London, UK, that invests in early-stage technology and internet startup companies in Europe.
Aglaé Ventures is a global investment firm based in Paris, New York, and Los Angeles. The firm invests from € 100K up to € 100MM in asset-light activities and fast-growing tech companies at all stages.
Photoroom Use of Funds
With the fresh funds, the company plans to expand its generative AI capabilities, double its team, and launch Photoroom ID, a foundation model for product photography.
About Photoroom
Founded in 2019, Photoroom is a company that provides photo editing software. The company's platform uses deep learning to translate pixels into objects, remove the background, change the background, and showcase products in one click. It has now expanded its offering to include a batch photo editor, and generative AI offerings: AI Backgrounds and AI Shadows. Photoroom is headquartered in Paris with a global team of over 50 employees. Since its launch in 2019, Photoroom has amassed over 150 million downloads worldwide and ranks among the top 6 generative AI products.
Funding Details
Company: Photoroom, Inc.
Raised: $43.0M
Round: Series B
Funding Month: February 2024
Lead Investors: Balderton Capital and Aglaé
Additional Investors: YCombinator
Company Website: https://www.photoroom.com/
Software Category: Photo Editing
Source: https://www.prnewswire.com/news-releases/photoroom-secures-43m-in-series-b-funding-launches-next-generation-ai-photo-editing-features-for-businesses-302071832.html