From The Washington Post: 2024-06-04 22:50:00

Pika, an AI video-generation start-up, raises $80 million in funding to compete with industry giants OpenAI and Google. With a valuation of $470 million, Pika’s tool allows users to create short videos based on text prompts. The company was founded by former Stanford AI PhD students who dropped out to start the company.

Venture capital investment in AI and machine-learning companies was $25.9 billion in Q1 2024. AI video generation is the next frontier after text and image generators. Pika, Runway, and Synthesia are among start-ups raising large amounts to develop video tools. The technical challenges of AI video creation make it an expensive and slow process.

AI image generators have become common on social media, with AI-generated images used for propaganda. OpenAI and other tech giants are developing video-editing tools for consumer use, creating competition for smaller companies like Pika. Despite facing funding disparities, Pika aims to compete with other AI start-ups by developing innovative technology without the need for massive budgets.



Read more at The Washington Post: AI video start-up Pika raises $80M to compete with OpenAI, Google