Pika, an AI business that creates videos, has raised $80 million as venture investors continue to pour billions of dollars into AI startups in parallel for market share against OpenAI and Google.

The firm joins Runway and Synthesia, two other Artificial Intelligence (AI) video startups that have raised significant funds in the last 12 months to expand their toolkits. According to the sources, the total amount of venture capital invested in AI and machine learning firms increased to $25.9 billion in the first quarter of 2024 from $21.7 billion last year.

After text and picture generators saw a surge in popularity, employing AI to create films is thought to be the next big thing and both large tech corporations and startups are making investments in the area. Since OpenAI and Google have not yet made their video tools publicly accessible, startups such as Pika are growing rapidly ahead of the larger businesses that are releasing their own consumer-facing and commercial products. However, the process of using AI to create a video is costly and time-consuming because it is technically far more difficult than producing a static image.

The company is now valued at $470 million, which also includes investments from Greycroft, Lightspeed Venture Partners and Spark Capital. Since Pika has created its own “foundational model,” it is independent of the technology used by other AI startups. However, that is costly and the business needs funds to keep on developing its AI while enhancing the capabilities of its video editing software.

With Pika’s tool, users can make quick films by following written directions. Users have the ability to alter the aspect ratio, extend videos, omit specific scenes and modify specific parts of videos, including the attire worn by characters.

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