Colossyan: Outstanding $22M investment boosts AI-driven video production
Colossyan, a Hungarian-founded and UK-based startup focusing on AI-driven video production, has recently closed its Series A funding, raising an impressive $22 million round – an outstanding amount for the region. This round, led by the UK-based Lakestar, along with continued support from existing investors such as LAUNCHub Ventures, Day One, Emerge, Oktagon, and various angel investors, marks an important step in the company’s development.
In 2023, Colossyan secured $5 million led by LAUNCHub Ventures, focusing on expanding its engineering and AI research teams. This investment laid the groundwork for extending services in key global markets, including London and New York.
Gen-AI challenger Colossyan raises $5M to accelerate text-to-video transition
Colossyan: A game-changer in the industry
The platform of Colossyan tackles a key challenge using its Learning and Development text-to-video technology, leveraging advanced Generative AI which dramatically reduces video production time from several weeks to under 30 minutes and results in significant cost savings for each video.
The platform employs AI algorithms that, upon receiving a script, create videos with realistic, digitally-generated actors called avatars. The process is streamlined through a user-friendly interface, providing access to templates and a media library to facilitate an effortless user experience. This video solution by Colossyan is versatile, enhancing various forms of content such as presentations, documents, instructions, and marketing materials, thereby improving communication and audience engagement.
“Ever since we first met Colossyan in 2022, we were extremely excited about the opportunity it provides in the newly created AI-driven video generation market. Under the amazing leadership of Dominik, the company has increased its business 7.5 times in 2023, building a culture where top talent thrives in multiple offices across London, New York, and Budapest. The current round is the result of all this work and we are proud to be able to further support the company,” comments Stanislav Sirakov, General Partner of LAUNCHub Ventures.
Launched in 2022 and founded by Dominik Mate Kovacs, Colossyan’s solution has already attracted 2000 clients across 46 countries, including organizations like Porshe, Vodaphone, BASF, Paramount, BMW, and HPE. The platform’s unique approach to corporate training contributed to a remarkable 650% growth in recurring annual revenue in 2023, positioning itself as a leader in AI-driven video production for training and learning applications.
“The success we’ve achieved at Colossyan has come from listening to and quickly acting on insights we receive from leaders in corporate training, sales enablement, and customer education,” says Dominik Kovacs, CEO and Founder of Colossyan.
“We’ve clearly understood the message from our customers who want us to concentrate on developing tools to make content more interactive. This enables companies to create experiences that move beyond ‘flat’ video formats,” he adds.
With this latest funding round, Colossyan is poised to further innovate and expand its influence in the rapidly growing market of AI-driven video production, continuing to offer unparalleled solutions in digital learning and communication.
