AI company Runway has been valued at $1.5 billion in its latest round of funding, a source familiar with the matter said on Thursday, after it raised $141 million from investors, including Alphabet-owned Google and Nvidia.The extension to the Series C funding round was also led by Salesforce Ventures and
AI company Runway has been valued at $1.5 billion in its latest round of funding, a source familiar with the matter said on Thursday, after it raised $141 million from investors, including Alphabet-owned Google and Nvidia.
The extension to the Series C funding round was also led by Salesforce Ventures and existing investors, the company said in a statement. The runaway success of ChatGPT and the potential of AI to transform businesses have driven venture capital firms and big technology companies to pour billions of dollars into startups that are working on the cutting-edge technology.
"Generative AI is transforming the content creation industry, breathing new life into stories and ideas that were not imaginable," Nvidia CEO Jensen Huang said in a statement. Runway's software allows users to transform or tweak existing videos or create new videos by using text prompts or images. The company also launched a mobile app earlier this year, giving its users access to its generative AI tools.
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US court approves Cineworld's restructuring plan(Corrects day in first paragraph to Thursday) British cinema chain operator Cineworld Group said on Thursday that a U.S. court had approved its debt restructuring plan. The company, which filed for Chapter 11 protection in the U.S. last year, said it continued to expect to emerge out of bankruptcy
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Cambodian PM Hun Sen dumps Facebook on eve of poll campaignPHNOM PENH: Cambodian leader Hun Sen, a prolific Facebook user, vowed on Thursday for vetting to quit posting on the popular social media platform, days before he launches a re-election campaign. Facebook announced Thursday it would be removing one of Hun Sen's videos in line with a ruling by its independe
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AI model startup Reka raises US$50 million led by DST GlobalReka, an AI model startup founded by former researchers from Alphabet's DeepMind, has raised US$50 million in a fresh round of funding from investors including Yuri Milner's DST Global and Snowflake, the companies told Reuters. The valuation of the deal was not disclosed. A source familiar with the matter
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Google lays off staff at its mapping app WazeCALIFORNIA — Alphabet-owned Google on Tuesday (June 27) said it is cutting jobs at mapping app Waze as it merges the app's advertising system with Google Ads technology, without giving details on the number of layoffs.
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New York skies set to darken again with smoke from Canada wildfiresAir quality could reach unhealthy levels in western and central New York on Wednesday into Thursday. Read more at straitstimes.com.
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Parkway Centre closed for 1 day after basement and ground floor floodedWhen ST visited the scene in Marine Parade on Thursday afternoon, the entire building was cordoned off. Read more at straitstimes.com.
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