London-based Synthesia has raised $180m (£145.5m) in a Series D round making it the UK’s most valuable generative AI company, worth $2.1bn.
The company, which generates human-like digital avatars primarily for corporate communications and training, has been an early leader in the UK’s burgeoning generative AI sector.
Founded in 2017, Synthesia secured a unicorn valuation of $1bn in 2023 after it closed a $90m Series C funding round led by Accel and included investments from the venture capital arms of NVIDIA and Google.
The firm offers businesses a suite of AI-generated avatars that look and sound as close to humans as the technology will allow. Customers can input a script and select their preferred digital speaker to convincingly deliver it.
Synthesia also allows customers to create avatars of themselves. By providing the company with footage of a person speaking to a camera, it can produce a digital double that can speak on the user’s behalf (Synthesia has strict consent requirements to prevent nefarious imitations of real people).
The firm has been investing heavily in improving its technology, such as with the launch of its expressive avatars last year that more closely match human speech and body language.
Synthesia co-founder and CEO Victor Riparbelli said the “new investment will help us develop a new generation of AI-powered video experiences that are interactive, real-time, and personalised, offering possibilities we could have only imagined when we founded the company”.
According to Riparbelli, the company has already garnered more than 60,000 customers ranging from SMEs to major brands including 60% of Fortune 100 companies according to American VC firm NEA, which led the Series D round.
“NEA has a long history of supporting transformative companies, and we’re excited to partner with Synthesia as they shape the future of AI-powered communication,” said Philip Chopin, Managing Director, NEA UK.
The round also featured a follow-on investment from Google Ventures and participation from new backers such as Atlassian Ventures, World Innovation Lab and PSP Growth.
The UK has become home to the third-largest AI sector in the world according to the government. The most valuable AI company in Britain is autonomous vehicle software firm Wayve. In the generative AI sector, other leading companies include ElevenLabs and Stability AI.
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