Only have 1 minute? Here are 3 key takeaways:
- Colossyan, a Hungarian-founded text-to-video startup, recently closed a $22 million Series A funding round led by European VC firm Lakestar, with continued support from existing investors like LAUNCHub Ventures, Day One, Emerge, Oktogon, and various angel investors.
- Colossyan aims to further develop and expand its influence on the growing market of AI-driven video production, continuing to offer tailor-made solutions in digital learning and communication.
- Colossyan’s Learning and Development text-to-video technology, powered by advanced Generative AI, reduces video production time from weeks to under 30 minutes, according to their data.
Hungarian-founded Colossyan, a UK-based startup focusing on AI-driven video production, recently closed a $22 million Series A funding round. The round was led byLakestar, a European VC firm, investing in tech companies, along with continued support from existing investors such as LAUNCHub Ventures, Day One, Emerge, Oktogon, and various angel investors.
Colossyan, a platform employing AI algorithms that, upon receiving a script, creates videos with digitally-generated actors called avatars. The process is streamlined through an interface, providing access to templates and a media library, aiming to facilitate an effortless user experience. The objective is to enhance various forms of content such as presentations, documents, instructions, and marketing materials.
Launched in 2022 and founded by Dominik Mate Kovacs who has a background in engineering, Colossyan’s solution has already attracted 2K clients across 46 countries. This includes organizations like Porshe, Vodaphone, Paramount and BMW, according to their data. Colossyan is specifically designed for the needs of L&D creators, offering lip-syncing, similar to its main competitor Synthesia.
The platform’s key challenge is using its Learning and Development text-to-video technology, leveraging advanced Generative AI. According to Colossyan’s insights, it reduces video production time from several weeks to under 30 minutes and results in significant cost savings for each video.
The current investment will play a crucial role in achieving the company’s next milestones. Colossyan aims to further develop and expand its influence on the growing market of AI-driven video production, continuing to offer tailor-made solutions in digital learning and communication.
“The success we’ve achieved at Colossyan has come from listening to and quickly acting on insights we receive from leaders in corporate training, sales enablement, and customer education,” shared Dominik Kovacs, CEO and Founder of Colossyan. “We’ve clearly understood the message from our customers who want us to concentrate on developing tools to make content more interactive. This enables companies to create experiences that move beyond ‘flat’ video formats.”
The Series A comes a year after the company’s previous funding. In February 2023, Colossyan secured $5 million in a round, led by LAUNCHub Ventures, an early-stage venture capital fund focused on technology startups in Central and South Eastern Europe, and the diaspora. The funding was utilized to expand its engineering and AI research teams.