The opening of a new office space is not always particularly remarkable, but at the launch of Synthesia’s new London headquarters, the rising AI star made quite the splash.
On the third floor of Regent’s Place bordering Fitzrovia and Camden, Synthesia’s co-founder and chief executive Victor Riparbelli was joined by Technology Secretary Peter Kyle, Mayor of London Sadiq Khan and legendary AI pioneer Fei-Fei Li to cut the ribbon, officially opening the 20,000 sq ft workspace.
For some time now Synthesia has been one of the biggest names in British AI, having secured an impressive valuation of $2.1bn (£1.55bn) in January and surpassing an annual recurring revenue of $100m (£73.7m) in April.
But even for a company so accomplished, the opening of its new office on Wednesday felt like a turning point.
“Synthesia’s expansion isn’t just great news for London – it’s further evidence of the strength of Britain’s tech sector and the environment we are building to support more and more home-grown companies to thrive,” Kyle said, addressing the cheering crowd.
“Their move to a bigger, brighter headquarters in the capital’s Knowledge Quarter further cements Synthesia’s reputation as a global leader in AI and London’s reputation as a place for businesses to thrive,” added Khan, who as Mayor oversaw an early investment in the company by the Greater London Investment Fund.
Synthesia’s financial metrics are enviable on their own, but as Riparbelli told UKTN, the political seal of approval from Kyle and Khan “matters more than people think”.
“To see that they care […] for a very long time it wasn’t obvious that people actually cared about building a tech company, I can see that it’s important to them now.
“Years ago, they would have been arm’s length towards private companies, and I think it’s good that that’s changing.”
For the Synthesia boss, it isn’t just about receiving support for his own company, it marks a major step towards competing with the US, which he said had never struggled to celebrate the successes of its tech firms.
Riparbelli told UKTN that he wants to make his mark on European AI, building its community to the level seen in Silicon Valley, a task the Denmark-native feels for now can best be done in the UK.
The chief executive has been an outspoken critic of the European Union’s attempts to regulate the AI sector and told UKTN that the EU’s lost could be the UK’s gain if its eventual AI bill is “in a better place”.
Confidence in the UK and warm words from the leader of its capital aside, Riparbelli was not quite prepared to rule out eventually moving from the city, but for now at least its investment in swanky new real estate suggests it will be sticking around for a while.
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