According to Business Insider, AI video generation startupPikais raising a new round of funding. People familiar with the matter said this round could value Pika at more than $500 million, or even as high as $700 million.
According to two people familiar with the situation, the startup is close to completing a new funding round that values Pika at more than $500 million. One of the people said Pika could reach a $700 million valuation in this round. The person also said Pika is seeking to raise about $70 million in this round.
The details have not been finalized, and the figures involved may change. Pika did not respond to a request for comment.
Pika is riding a wave of investor interest in generative AI startups that use technology for everything from media creation to medical billing. The company's generative AI platform allows users to input a few words, an image, or a short video clip to create and edit videos.
Investors are racing to back AI startups in the text-to-video space. Pika is competing with other AI media generation startups, such asRunway, which has raised more than $250 million from investors including Alphabet and Nvidia, as well as large tech companies and AI giants like Google and OpenAI, all of which are developing AI video products.
Pika was co-founded by two PhD students from Stanford University's AI lab (Demi Guo and Chenlin Meng), and its investors include Quora founder Adam D'Angelo, former Github CEO Nat Friedman, Color co-founder Elad Gil, and Giphy co-founder Alex Chung. After emerging from stealth mode last May, the company raised $55 million in funding, including a $35 million Series A round led by Lightspeed Venture Partners.
(Source:Business Insider）