The fervor surrounding generative AI continues as Pika, a startup specializing in AI-driven video editing and generation tools, announced a successful funding round, raising $55 million. The investment was led by Lightspeed Venture Partners and included participation from Homebrew, Conviction Capital, SV Angel, Ben’s Bites, and prominent angel investors such as Quora founder Adam D’Angelo, ex-GitHub CEO Nat Friedman, and Giphy co-founder Alex Chung.
This financial boost comes just half a year after Pika emerged from stealth mode and aligns with the early access launch of “Pika 1.0,” a new suite of videography tools featuring a generative AI model capable of editing videos in various styles, including “3D animation,” “anime,” and “cinematic.”
Congratulations to @pika_labs on Pika 1.0 launch!
We're glad to be able to support your incredible work! Read more about how Pika Labs leveraged the Together AI platform here: https://t.co/tNAm6QocP1 https://t.co/axQSySesuZ
— Together AI (@togethercompute) November 29, 2023
In a blog post published on its website, Pika emphasized the importance of simplifying the video creation process, stating, “Video is at the heart of entertainment, yet the process of making high-quality videos to date is still complicated and resource-intensive.” Pika aims to redefine video making by providing an interface that is effortless and accessible to everyone. Over the past six months, Pika has grown its community to half a million users, generating millions of videos weekly.
Founded by former Ph.D. students from Stanford’s Artificial Intelligence Lab, Demi Guo, and Chenlin Meng, Pika stands as a competitor against other generative AI video tools and models from Runway and Stability AI. Pika 1.0 introduces differentiating features, such as a tool capable of extending the length of existing videos or transforming their styles, from “live-action” to “animated.” Another module within Pika 1.0 utilizes AI to edit video content, enabling actions like changing clothing or adding new characters.
Excited to share that I recently left Stanford AI PhD to start Pika. Words can't express how grateful I am to have all the support from our investors, advisors, friends, and community members along this journey!
And there's nothing more exciting than working on this ambitious &… https://t.co/B1djiA6jn1— Demi Guo (@demi_guo_) November 28, 2023
Pika faces competition from tech giants like Google and Meta, who have also signaled their entry into the generative AI tools for video space. However, Lightspeed, an investor in both Pika and Stability AI, expresses confidence in Pika’s platform and its potential to disrupt the video editing landscape. As Pika 1.0 prepares for widespread availability, industry watchers are eager to put its capabilities to the test amid the evolving landscape of generative AI in video production.
In a major stride towards democratizing professional-quality video creation, Pika, a startup specializing in AI-powered video editing tools, has secured $55 million in funding. The funding round, led by Lightspeed Venture Partners with participation from key investors including Homebrew, Conviction Capital, SV Angel, and notable figures such as Adam D’Angelo, Nat Friedman, and Alex Chung, comes just six months after Pika emerged from stealth mode.
Lightspeed’s Michael Mignano expressed confidence in Pika’s transformative potential, stating, “Just as other new AI products have done for text and images, professional-quality video creation will also become democratized by generative AI. We believe Pika will lead that transformation.” Lightspeed is excited to support Pika’s mission to empower individuals to bring their creative visions to life through video.
Pika 1.0, the recently launched suite of videography tools, introduces a generative AI model capable of editing videos in diverse styles such as “3D animation,” “anime,” and “cinematic.” Pika’s rapid growth is indicative of the sustained demand for generative AI across various applications, ranging from tools like Midjourney and DALL-E 3 to ChatGPT.
According to a recent report by IDC, generative AI investments are projected to soar from $16 billion this year to an astounding $143 billion in 2027. While generative AI currently constitutes 9% of overall AI spending in 2023, IDC anticipates this figure to increase to 28% within the next five years.
The popularity of generative AI is particularly evident among Gen Z, with a poll revealing that 79% of teenagers aged 13-17 in the U.K. have used generative AI tools, apps, and services, including ChatGPT and Snapchat’s My AI. However, enterprise customers, who have significant resources for investment, are facing challenges in deploying certain forms of the technology.
O’Reilly’s 2023 generative AI in the enterprise report highlights that 26% of corporate AI adopters are still in the early stages of piloting generative AI. Concerns regarding unexpected outcomes, security, safety, fairness, bias, and privacy are paramount. Additionally, challenges in identifying business use cases and legal issues, such as ownership of copyright over AI-generated output, are identified as hindrances to the widespread adoption of generative AI. Despite these challenges, the continued growth of Pika underscores the industry’s commitment to overcoming barriers and transforming the landscape of video creation through generative AI.
