Runway Raises $50M for its Suite of Creative Tools That Uses Generative AI to Create Content at Scale

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 invent and build AI models for content creation, and we develop tools for our users to create and edit content, through every aspect of the creative process, from preproduction to postproduction. We’re allowing anyone, regardless of skill level, to be able to create professional-grade content. Runway’s successful funding round demonstrates the growing momentum and potential of generative AI in the multimedia content creation industry.

Current capabilities indicate it’s more of a novelty than a production tool. My biggest piece of advice is to focus on building and own your tech stack. Investors didn’t give us the time of day back in 2018 when we launched, but we kept pushing and building. We gained momentum with the release of Latent Diffusion, but it’s really about building good tools and good products.

California lawmaker proposes regulation of AI models

In conclusion, Gen 2 by Runway is an exciting and groundbreaking development in the world of artificial intelligence and content creation. Its launch marks a new era of possibilities for creators and professionals seeking to harness the power of AI in their work. Whether you are an artist, filmmaker, or content creator, Gen 2 offers tools that can transform the way you create and tell stories. Gen-2 represents a significant advancement in generative AI, as it allows users to create new videos without the need for extensive filming and editing. Its ability to turn any video into a compelling piece of footage has the potential to revolutionize the film industry and bring the magic back to making movies. As the world of artificial intelligence for video continues to turn, many of those first AI apps and tools rushed out the door a few months ago are starting to get their second (and sometimes third or more) waves of updates.

The scale of Gen 2’s capabilities is vast, as it opens up endless possibilities for storytelling and content creation. NEW YORK and SUNNYVALE, Calif., Aug. 29, 2023 /PRNewswire/ — Runway, an applied artificial intelligence (AI) research company building the next generation of creative tools, today announced a new partnership with Google Cloud. Runway will leverage Google Cloud’s purpose-built generative AI (gen AI) tools to build, accelerate, and manage model deployment. Runway will also use Google Cloud’s infrastructure and expertise in scaling AI and machine learning (ML) models to provide easier access to GenAI-powered tools to even more creatives and businesses than ever before.

Runway began with a mission to build AI for creatives

Runway AI supports multiple programming languages, including Python, Processing, and TensorFlow, and has an intuitive interface that simplifies the creative process. The platform also offers various pre-trained models, including image recognition, voice recognition, and natural language processing, which users can customize to suit their creative needs. Using advanced artificial intelligence algorithms, Gen-2 takes your input – whether that’s a text description, images, or pre-existing video clips – and generates a custom video.

The growing enterprise client base isn’t surprising, considering the massive hype around all forms of generative AI. In a recent FreshBooks survey, 25% of businesses said that they’re testing generative AI tools, while around 33% plan to try generative AI for work within the next year. Producing high quality video has always had an equally high barrier of entry. Even before that, the field of videography comes with a steep learning curve from the moment you type “How do DSLR’s work” into Google.

Subscribe to our weekly newsletter

Yakov Livshits
Founder of the DevEducation project
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.

Its text-to-image and text-to-video AI models, for instance, can help users turn their ideas into reality quickly and easily. Many Runway customers are individual creatives, who pay at least $12 per month to Yakov Livshits use the software. It has also been used by enterprise customers like CBS’s Late Show with Stephen Colbert and the visual effects team for Hollywood hit Everything Everywhere All at Once for video editing.

• And VentureBeat recently reported that Adobe Stock creators are unhappy with the company’s generative AI model Firefly.
• The startup recently founded Runway Studios, an entertainment division that serves as a production partner for enterprise clients.
• Yet the artificial intelligence industry may want to tap more into the system, to tweak and test it to awaken its full potential.
• The company helped develop open-source text-to-image model Stable Diffusion and announced its first AI video editing model, Gen-1, in February.
• Runway’s Gen-2, an AI model, generates videos from text, despite limitations.
• / Sign up for Verge Deals to get deals on products we’ve tested sent to your inbox daily.

There is a content filter in place, although the effectiveness of these measures remains to be seen in practice​. While there is a free version of Runway, there are also paid plans that Yakov Livshits offer more features and access. The Standard plan costs $12 per user per month (billed annually as $144) and includes 625 credits per month, which equates to 125 seconds of Gen-2.

As reported in the summer of 2022, a filmmaker is already on a mission to create a fully AI-generated feature-length film called Salt. Runway is more than your new video editor, it’s a complete AI-powered video production studio, and one of the most exciting start-ups in the space right now. This funding round values Runway at $1.5 billion, bringing its total raised to $237 million and solidifying its position as one of the well-funded generative AI startups in the industry. As the leading directory for AI tools, we prioritize showcasing only the highest quality solutions.

Runway is an applied AI research company that builds the next generation of creativity tools. Google Cloud accelerates every organization’s ability to digitally transform its business and industry. We deliver enterprise-grade solutions that leverage Google’s cutting-edge technology, and tools that help developers build more sustainably. Customers in more than 200 countries and territories turn to Google Cloud as their trusted partner to enable growth and solve their most critical business problems.

Runway’s Multi-Modal AI Generates Video From Text And Images

But given the right prompt, it produces videos that show where the technology is headed. To start, you simply type a description much as you would type a quick note. The ability to edit and manipulate film and video is nothing new, of course. In recent years, researchers and digital artists have been using various A.I.

While racking up quite a bit of funding in investments, Runway has since released a mobile app as well as notably been used as an AI tool by the editors of Everything Everywhere All at Once. With this new partnership with Google Cloud, Runway accelerates its capacity to deliver technological innovations while upholding a commitment to fostering diversity and inclusivity in the future of content creation. Runway’s text-to-video and image-to-video models look promising and could go on to challenge OpenAI’s DALL-E which can also be used to generate all sorts of images in seconds.