Photoroom Raises $43M Funding to Expand Generative AI Photo-Editing Model
In Brief
Photoroom raised $43 million funding to expand capabilities of its AI photo-editing model, acquire imagery and double the global team size.
Company developing AI photo editor, Photoroom announced it raised $43 million in a Series B funding round led by Balderton and Aglaé, with participation from YCombinator. This latest round brings the total raised by the company to $64 million. Photoroom plans to utilize the newly raised capital to expand the capabilities of its AI model through increased investment in GPUs, acquire imagery from image providers and photographers and double the team’s size by the end of 2024.
Previous supporters include Kima Ventures, FJ Labs, Meta, and several angel investors such as Yann LeCun, Zehan Wang, executives from Hugging Face and Disney+, and various others. The startup’s pre-money valuation falls within the range of $500 million to $600 million.
The announcement coincides with Photoroom’s introduction of its first foundation model specifically designed for product photography, named Photoroom Instant Diffusion, or Photoroom ID for short which is trained to excel in product photography, ensuring uniform styling across images from diverse sources, creating the impression of being captured in the same setting.
“The foundation model is the next step in empowering businesses to create amazing product
photos without the need to be an expert at prompt engineering or photography,” said Matthieu
Rouif, co-founder and CEO at Photoroom. “Our model has been trained to excel at product
photography and can quickly adapt to user needs and feedback.”
Having control over a custom model provides Photoroom’s machine learning team with the ability to swiftly integrate new research findings upon release. Additionally, Photoroom‘s custom architecture enhances the speed of image generation, potentially increasing it by up to 40%. This will allow users to generate and iterate on their images more efficiently compared to other visual AI models.
Moreover, Photoroom introduced a set of new AI photo-editing tools designed to offer businesses enhanced creative control over their product images. These tools include the ability to generate higher-quality AI backgrounds, “AI Images” for creating customized images, “AI Upscale” for resolution enhancement, and an “Image Editing API” tailored for business use among others.
Photoroom Transforms Professional Image Creation with AI
Founded in 2019, Photoroom offers AI-powered photo editing software enabling users to create images without the need for extensive training. The company has achieved over 150 million downloads globally and is adopted by businesses, including Smartly, Printify, Faire, Bulgari and Netflix.
Recently, the company has introduced a foundation model for small businesses designed to assist in the creation of professional-quality product images. For businesses dealing with a substantial volume of image creation and editing, Photoroom has prioritized the automation of photo-editing workflows for teams by offering “Image Editing API”. The tool is adaptable for integration into almost any system, incorporating Photoroom’s capabilities into the workflows of its customers.
The new investment, coupled with the introduction of the foundation AI model, signifies a noteworthy milestone in Photoroom’s efforts to innovate AI photo-editing for businesses, solidifying its position as a leading company in the field of AI-powered editing tools.
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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
