UK artificial intelligence company Synthesia, which counts Nvidia (NVDA) among its backers, has doubled its valuation to $2.1 billion after raising $180 million in its latest funding round.
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The company, which creates vividly real AI avatars based on humans, said the Series D funding round was led by U.S. venture capital group NEA, with Atlassian Ventures, World Innovation Lab and PSP Growth also participating.
It more than doubles the company’s valuation from the $1 billion it was worth when it raised $90 million in 2023, and comes in the week that British prime minister Keir Starmer unveiled a raft of new AI policies designed to support the sector.
Founded in 2017 by researchers and entrepreneurs Victor Riparbelli, Matthias Niessner, Steffen Tjerrild and Lourdes Agapito, the company develops technology that enables people to make their own digital avatars.
Funding Will Support Growth
Announcing the funding, Synthesia, which counts NVDA among its backers, said the investment will support product innovation, talent growth, and the company’s expansion in North America, Europe, Japan and Australia.
After the funding round, Synthesia is now the UK’s most valuable generative AI media company, and the second largest in the overall AI category. And it comes after NVDA placed a $1 billion bet of its own on AI startups.
Co-founder and CEO Riparbelli said they have over 60,000 customers using the company’s tools to communicate internally and externally, with clients including Zoom Communications (ZM) and Xerox (XRX)
“This new investment will help us develop a new generation of AI-powered video experiences that are interactive, real-time, and personalized, offering possibilities we could have only imagined when we founded the company in 2017,” he added.
NVDA Uses Synthesia Tech
Last month at Computex 2024, NVDA CEO Jensen Huang revealed an AI avatar of himself during his live keynote that was built by Synthesia and powered by its latest AI model, EXPRESS-1.
The model relies on a large cluster of NVIDIA H100 Tensor Core GPUs for multi-node, multi-GPU training, which the company says is a “significant leap” in the development of synthetic media, made possible by NVIDIA accelerated computing.
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