Runway (company)

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Runway AI, Inc.
Private
IndustryArtificial intelligence, machine learning, software development
Founded2018; 6 years ago (2018)
Headquarters
Manhattan, New York City
Area served
Worldwide
Key people
  • Cristóbal Valenzuela (CEO)
  • Anastasis Germanidis (CTO)
  • Alejandro Matamala (CDO)
ProductsStable Diffusion, Gen-1, Gen-2
Websiterunwayml.com

Runway AI, Inc. (also known as Runway and RunwayML) is an American company based in New York City that develops generative artificial intelligence research, models, and products for video, image, and multimedia generation.[1] It is most notable for co-creating the popular image generation AI systems Stable Diffusion [2][3]and developing the first commercial text-to-video generation AI models Gen-1 and Gen-2.[4][5]

History

The company was founded in 2018 by the Chileans Cristóbal Valenzuela[6], Alejandro Matamala, and the Greek Anastasis Germanidis after they met at New York University Tisch School of the Arts ITP[7]. The company raised US$2 million in 2018 to build a platform to deploy machine learning models at scale inside multimedia applications.

On December 2020, Runway raised US$8.5 million[8] in a Series A funding round.

In August of 2022, the company co-released an improved version of their Latent Diffusion model called Stable Diffusion together with the CompVis Group at Ludwig Maximilian University of Munich and a compute donation by Stability AI.[9][10]

On September, 2022, the company raised US$35 millions in a Series B funding round.

In February of 2023 Runway released Gen-1 the first commercial and publicly available foundational video-to-video and text-to-video generation model[11][12][13] accessible via a simple web interface.

On December 21, 2022 Runway raised U$50 million[14] in a Series C round. Followed by a $141 million Series C extension round in June of 2023 at a $1.5 billion valuation[15][16] from Google, Nvidia, and Salesforce[17] to build foundational multimodal AI models for content generation to be used in films and video content[18].[19]

Services and technologies

Stable Diffusion

Stable Diffusion is an open-source deep learning, text-to-image model released in 2022 based on the original paper High-Resolution Image Synthesis with Latent Diffusion Models published by Runway and the CompVis Group at Ludwig Maximilian University of Munich.[20] [21][22] Stable Diffusion is mostly used to create images conditioned on text descriptions.

References

  1. ↑ Metz, Cade (2023-04-04). "Instant Videos Could Represent the Next Leap in A.I. Technology". The New York Times. ISSN 0362-4331. Retrieved 2023-09-15.
  2. ↑ "Stability AI Is Losing Executives, Engineers and Its Edge". Bloomberg.com. 2023-08-08. Retrieved 2023-09-15.
  3. ↑ "The original startup behind Stable Diffusion has launched a generative AI for video". MIT Technology Review. Retrieved 2023-09-18.
  4. ↑ "Generative AI's Next Frontier Is Video". Bloomberg.com. 2023-03-20. Retrieved 2023-09-15.
  5. ↑ Vincent, James (2023-03-20). "Text-to-video AI inches closer as startup Runway announces new model". The Verge. Retrieved 2023-09-15.
  6. ↑ "TIME100 AI 2023: Cristóbal Valenzuela". Time. 2023-09-07. Retrieved 2023-09-15.
  7. ↑ Black, Julia. "'Not Everyone Is Trying to Build God': Runway CEO Cristóbal Valenzuela Tries to Dampen the Doomerism". The Information. Retrieved 2023-09-18.
  8. ↑ "RunwayML raises $8.5 million for its AI-powered media creation tools". VentureBeat. 2020-12-16. Retrieved 2023-09-15.
  9. ↑ Cai, Kenrick. "The AI Founder Taking Credit For Stable Diffusion's Success Has A History Of Exaggeration". Forbes. Retrieved 2023-09-15.
  10. ↑ "The original startup behind Stable Diffusion has launched a generative AI for video". MIT Technology Review. Retrieved 2023-09-18.
  11. ↑ Metz, Cade (2023-04-04). "Instant Videos Could Represent the Next Leap in A.I. Technology". The New York Times. ISSN 0362-4331. Retrieved 2023-09-15.
  12. ↑ "Generative AI's Next Frontier Is Video". Bloomberg.com. 2023-03-20. Retrieved 2023-09-15.
  13. ↑ Vincent, James (2023-03-20). "Text-to-video AI inches closer as startup Runway announces new model". The Verge. Retrieved 2023-09-15.
  14. ↑ Cai, Kenrick. "Runway Raises $50 Million At $500 Million Valuation As Generative AI Craze Continues". Forbes. Retrieved 2023-09-15.
  15. ↑ "AI Video Startup Runway Raises $141 Million From Google, Nvidia". Bloomberg.com. 2023-06-29. Retrieved 2023-09-15.
  16. ↑ Wiggers, Kyle (2023-06-29). "Runway, a startup building generative AI for content creators, raises $141M". TechCrunch. Retrieved 2023-09-15.
  17. ↑ "Google Invests in AI Startup Runway to Wrest Cloud Business From AWS". The Information. Retrieved 2023-09-15.
  18. ↑ Black, Julia. "'Not Everyone Is Trying to Build God': Runway CEO Cristóbal Valenzuela Tries to Dampen the Doomerism". The Information. Retrieved 2023-09-15.
  19. ↑ "Featured interview: Runway AI CEO Chris Valenzuela - First Move with Julia Chatterley - Podcast on CNN Audio". CNN. Retrieved 2023-09-18.
  20. ↑ "Stable Diffusion developer Runway raises $50M to create AI multimedia tools". SiliconANGLE. 2022-12-06. Retrieved 2023-09-18.
  21. ↑ "Stability AI Is Losing Executives, Engineers and Its Edge". Bloomberg.com. 2023-08-08. Retrieved 2023-09-18.
  22. ↑ "The original startup behind Stable Diffusion has launched a generative AI for video". MIT Technology Review. Retrieved 2023-09-18.

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