London-based generative AI startup Colossyan, which turns text prompts into training videos, has raised $5m (£4.1m) in a Series A funding round.
The startup uses generative AI – a subset of artificial intelligence that creates new content based on large amounts of training data – as a way for companies to quickly produce training videos. The company’s software replaces a human presenter with a realistic computer-generated presenter.
The startup has attracted some big-name clients, including BMW, HP, and Procter & Gamble.
“With the funds, our focus is on enhancing the core functionality of our product and adding new features, such as our recently launched AI Script Assistant powered by GPT-3,” said Colossyan CEO Dominik Mate Kovacs.
“This announcement coupled with Colossyan’s dramatic growth in the last year catapults us into a bright future, and we couldn’t be more excited.”
The Series A round was led by LAUNCHub Ventures and Emerge Education and will support the expansion of the team.
Colossyan competes with fellow London-based AI startup Synthesia, which also uses generative tech to create text-to-video staff training. Founded in 2017, Synthesia has raised more than £50m over the years, with the most recent round being its Series B in December 2021.
While the UK is home to many exciting AI startups, competition in the sector has become fierce, with the flames being further fanned by the viral success of US-based OpenAI, the company behind large language model chatbot ChatGPT.
Some industry figures in the country, including BT’s chief of data and AI, have signalled there is a risk of the UK losing out to foreign competition in the global AI “arms race”.
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