Pika Raises $55 Million to Ease Video Editing with Generative AI-powered Pika 1.0
In Brief
Pika raised $55 million to advance video editing with its generative AI tool Pika 1.0, that can edit content using captions and still images.
AI-focused startup Pika raised $55 million in a Series A funding round led by Lightspeed Venture Partners, Homebrew, Conviction Capital, SV Angel, Ben’s Bites, and individual investors such as Quora founder Adam D’Angelo, ex-GitHub CEO Nat Friedman, and Giphy co-founder Alex Chung.
The funding will support the company in advancing its AI-powered videography tool Pika 1.0, which leverages generative AI for video editing using captions and still images. Pika 1.0’s AI model is capable of editing videos in various styles, including “3D animation,” “anime” and “cinematic.”
It also provides capabilities such as extending the length of existing videos, transforming them into different styles, and modifying the canvas or aspect ratio. Additionally, the tool includes a module for editing video content changes such as altering clothing or adding characters.
“Just as other new AI products have democratized text and images, professional-quality video creation will also be democratized by generative AI. We believe Pika will lead that transformation,” stated Michael Mignano, a partner at Lightspeed Venture Partners in a written statement.
Founded by former Stanford AI Lab PhD students Demi Guo and Chenlin Meng, Pika aims to ease the video-making and editing experience with an AI tool designed to be effortless and accessible to everyone.
Investments in Generative AI are Growing
In a recent IDC report, generative AI investments are projected to surge from $16 billion in the current year to $143 billion in 2027. While generative AI currently represents 9% of overall AI spending in 2023, IDC anticipates this figure to rise to 28% within five years.
The interest of Lightspeed, a Pika Labs investor and also an investor in Stability AI, underscores confidence in Pika’s platform and its ability to compete effectively.
Big Tech companies are also working on generative AI tools for video. In a recent development, Meta launched two new AI-based features for video editing – Emu Video and Emu Edit, which generate short videos and facilitate easy video alterations with text prompts.
Pika’s swift expansion mirrors the persistent demand for generative AI utilization across diverse domains and platforms.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
