Runway, an AI video maker, and Magic, an AI coding startup, are each seeking significant new funding. Runway aims to raise $450 million at a $4 billion valuation, with General Atlantic potentially leading the round. The company enables users to create videos from text prompts or images, and was previously valued at $1.5 billion after raising $141 million from investors like Google and Nvidia. Magic, on the other hand, is looking to secure over $200 million at a $1.5 billion valuation, tripling its previous valuation. The startup focuses on developing AI models to write software, despite currently having no revenue or products for sale. Investors such as Jane Street are expected to participate. The funding will support Magic’s efforts to create models capable of processing extensive data in one query. Both companies are part of a broader trend where AI technology is gaining significant investor interest, particularly in generative AI applications.
AI Startups Runway and Magic Aim for Billion-Dollar Valuations
AI startups Runway and Magic are raising funds at $4 billion and $1.5 billion valuations, respectively.
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