Runway, a New York-based next-generation video editing solution powered by machine learning, has raised $50 million in a Series C funding round led by Felicis Ventures, with participation from its existing investors: Amplify Partners, Lux Capital, Coatue, and Compound.
Madrona and angels Guillermo Rauch (CEO of Vercel), Amjad Masad (CEO of Replit), Howie Liu (CEO of Airtable), Soumith Chintala (co-creator and lead of PyTorch), Lukas Biewald (CEO of Weights & Biases), Jay Simons (former President of Atlassian), and others also participated in the round.
This funding will allow Runway to double down on building the next generation of creative tools. The funds will also be used to continue building state-of-the-art multimodal AI systems, grow its team, and continue to hire across engineering, research, GTM, and our in-house creative agency.
Since it was formed in 2018, Runway has built a creative suite with more than 30 AI magic tools that allow its users to generate and edit content, serving every aspect of the creative process.
It helps companies of all sizes, including CBS, Publicis, and New Balance.
Company: Runway AI, Inc.
Round: Series C
Funding Month: December 2022
Lead Investors: Felicis Ventures
Additional Investors: Madrona
Company Website: https://runwayml.com/
Software Category: AI-native video editing software tools
About the Company: Founded in 2018, by Cristóbal Valenzuela, Alejandro Matamala-Ortiz, and Anastasis Germanidis, Runway is a next-generation content creation suite. It uses new machine-learning techniques to build new types of creative tools across video, images, music, and text. Runway provides magical AI tools, real-time collaboration, precision editing, and more to create content fast. It also provides development tools that let users create, upload, and share custom machine-learning models from any web browser. Using the platform’s model training and hosted model modules, developers can train AI models and access them via an API to incorporate them into third-party apps. Its mission is to help more people tell stories with video by bringing automation and more magical tools to video editing.