Runway develops cutting edge video generation AI models.

Runway, a startup specializing in generative AI tools for multimedia content creators, has secured a $141 million extension to its Series C funding round. The investment comes from major companies such as Google (NASDAQ: GOOGL), Nvidia (NASDAQ: NVDA), and Salesforce (NYSE: CRM).

Runway plans to utilize the capital to expand its in-house research efforts and grow its team. The company’s flagship product, Gen-2, is an AI model that generates videos from text prompts or existing images. (TechCrunch)

Runway has also established Runway Studios, an entertainment division, and launched the AI Film Festival. With a customer base including Fortune 500 and Global 2000 companies, Runway aims to revolutionize content creation and reduce costs and time constraints associated with it.

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.

The funding for Runway comes on the heels of the massive raise of $1.3 billion by Inflection AI, which was backed by Microsoft (NASDAQ: MSFT), Nvidia (NASDAQ: NVDA), and billionaires Reid Hoffman, Bill Gates, and Eric Schmidt.

The round catapulted Inflection’s valuation to $4 billion and came just two months after the launch of Pi, Inflection’s conversational chatbot which aims to revolutionize human-computer interaction.

Related Story:  Inflection AI Raises $1.3B For Its “Personal AI” Chatbot Pi