London-based startup Colossyan has raised $5m in a Series A funding round. The company uses generative AI to create training videos for businesses, replacing human presenters with computer-generated presenters. Colossyan has notable clients such as BMW, HP, and Procter & Gamble. The funds from the recent funding round will be used to enhance the product’s core functionality and add new features.
Colossyan raised $5m in a Series A funding round. The funding was led by LAUNCHub Ventures and Emerge Education, and it will support the startup’s team expansion.
The company uses generative AI to produce training videos, and its software replaces human presenters with computer-generated ones. The funds from the Series A round will be used to improve the product’s core functionality and add new features such as the recently launched AI Script Assistant powered by GPT-3. Colossyan competes with London-based AI startup Synthesia, which also creates text-to-video staff training using generative tech.
The UK is home to many exciting AI startups, but competition in the sector has become fierce. Some industry figures have signaled the risk of the UK losing out to foreign competition in the global AI “arms race.” Synthesia, another London-based startup, also uses generative tech to create text-to-video staff training and has raised over £50m.
Colossyan’s success with notable clients such as BMW, HP, and Procter & Gamble has catapulted the company into a bright future. The funds from the Series A funding round will help improve the company’s core functionality and expand the team. However, the competition in the UK’s AI sector is fierce, and there is a risk of losing out to foreign competitors.
