AI avatar company Synthesia doubles valuation to over $2 billion in funding round

Synthesia CEO, Victor Riparbelli, in AI video

London-based Synthesia, an AI avatar video company, raised $180 million in its latest round of investment, bringing its valuation to $2.1 billion.

The round was led by NEA, an investor in Uber and TikTok parent company ByteDance, and included other backers Atlassian Ventures, World Innovation Lab (WiL), and PSP Growth.

These backers will join longtime supporters GV, FirstMark, Accel, and Kleiner Perkin, and chip giant NVIDIA.

Philip Chopin, managing director, NEA UK, said it is Synthesia’s commitment to “enterprise-grade solutions” and the fact “60% of Fortune 100 companies are customers” that makes the tech firm unique.

Launched in 2017, Synthesia enables users to create realistic avatars using generative AI for sales and marketing purposes. The company has evolved since its early days, now offering tools like dubbing, translation, and screen recording.

The company, which employs over 400 people globally, recently appointed former Amazon executive and Wildfire Studios CEO Peter Hill as its chief technology officer.

Funding will help the company expand further and “develop a new generation of AI-powered video experiences that are interactive, real-time, and personalised,” Synthesia’s CEO and co-founder Victor Riparbelli said.

Synthesia’s funding announcement aligns with the U.K.’s broader ambition to become a global leader in AI. Prime Minister Keir Starmer recently outlined a 50-point plan to position the U.K. at the forefront of AI innovation. 

UK science, innovation and technology secretary Peter Kyle said the recent funding round “showcases the confidence investors have in British tech, especially following our newly announced blueprint for AI, and highlights the global leadership of UK-based companies in pioneering generative AI innovations”.

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