Six months after going public, the four-person startup Pika Labs raised $55 million fundings in the race for generative AI videos.
Pika Labs on Tuesday secured $35 million in a series A round of funding with the help of Lightspeed Venture Partners.
The large jump in the company values coincides with the unveiling of Pika 1.0, the AI firm's web platform to generate and edit videos just from text prompts.
Pika 1.0: Features, Uses, and Functions
Intended to "push the boundaries of technology," Pika 1.0 is capable of producing videos of varying styles similar to mainstream releases, including 3D animation, anime, and cinematics.
The platform also offers users the ability to extend the time of an already existing video, transform it to another style, and change the aspect ratio.
These features make Pika 1.0 suitable for both AI enthusiasts and video editors to artificially enhance footage.
Michael Mignano, a venture capitalist in Lightspeed, believes Pika Labs' project to lead efforts for "professional-quality video creation will also become democratized by generative AI."
The beta version of Pika first launched on Discord last April where users immediately used to generate millions of videos every week. On TikTok, the #pikalabs has garnered nearly 30 million views.
Pika Labs aims to launch its generative video model against competitions like Runway and Stability AI, both recently debuting their own video-generating AI tools.
Also Read: Stability AI Launches Generative Video Model on 'Research Preview'
New Surge in the AI Video Revolution
The hype for AI videos continues as more tech startups release their products for the public to use.
With many having an open-source models, the reach of these AI platforms spread across social media where users post their own take on some of the popular films and animations.
Tech companies are currently finding ways to integrate these aspect of AI to integrate into their services.
Adobe earlier announced to venture with generative videos after launching image generating tools on the Photoshop app.
Related Article: How to Make the Most of the AI Video Revolution
