Hello everyone! 🙋We have the following updates for you today! 📣
- Scriptic raised $5.7 million for its storytelling platform
- Runway, a video creator, secures $141 million investment
- Inflection AI, an OpenAI competitor, had raised $1.3 billion in new funding
Scriptic Raised $5.7 Million for Its Storytelling Platform
Immersive storytelling platform Scriptic secures $5.7M funding led by Bitkraft Ventures with participation from the Amazon Alexa Fund and Tower 26 to enhance the collection of AI-generated mobile games, merging film, TV, and gaming in a phone-first interactive experience.
Scriptic has raised $8.2M in total and garnered attention in the mobile gaming sector. They recently secured an initial seed funding of $2.5M from notable investors like Vgames, Moonfire, and Kevin Lin (co-founder of Twitch).
Scriptic uses Generative AI to push the boundaries of narrative creation. Their interactive productions combine AI technology, including generative language models, diffusion models, and audio synthesis, to create engaging live-action experiences.
Scriptic has more than 1 million app downloads and 100 million plus Tiktok views.
Runway Secures $141 Million Investment
There is tremendous growth in generative AI funding. Runway, focused on AI tools for Multimedia content creators, announced an expansion in its Series C funding of $141 million investment led by notable technology giants like Google, Nvidia, Salesforce, and others.
Runway has raised $50M in series C funding. The total funding of Runway stands at $237 million.
According to Runway, the new funds will be utilized to scale its in-house research initiatives and expand the company’s staff.
Over the years, Runway’s focus has steadily switched to generative AI, notably on the video side. Gen-2, the company’s current flagship product, is an AI model that makes films from written prompts or an existing image.
Inflection AI Had Raised $1.3 Billion in New Funding
As per the latest report by Forbes, Inflection AI has secured $1.3 billion in new funding backed by Microsoft, Nvidia, and billionaires Reid Hoffman (Linkedin Founder), Bill Gates, and Eric Schmidt.
Inflection’s latest funding round values the company at $4 billion. CEO Mustafa Suleyman, formerly of DeepMind, says the investment will support their development of an AI assistant called Pi.
Our previous post mentioned that Inflection AI had raised $225 million.
Inflection’s AI model, Inflection-1, surpasses GPT-3.5 and PaLM-540B in various metrics, excelling in the middle- and high school-level exams and “common sense” benchmarks. However, it falls short in coding compared to GPT-3.5, while OpenAI’s GPT-4 outperforms all competitors.
Inflection, Nvidia, and CoreWeave are collaborating to create an extensive AI training cluster with 22,000 Nvidia H100 GPUs, making it one of the largest in the world.
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