On Monday (24 June), NVIDIA-backed AI startup Synthesia unveiled new product updates to its avatar-generating technology, that it hopes will make it more accessible for large and small enterprises to utilise.
Founded in 2017, Synthesia is a UK-based startup that uses GenAI software to create avatars for video content for a wide range of enterprise use cases, including employee training or product explanation videos.
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The company said its software can reduce the financial expense and time required for businesses to generate videos.
Synthesia users will now be able to create their own AI-generated full-body avatar by recording only five minutes of footage using a phone or webcam. Previously, users had to go into a studio and could only create a portraited view avatar.
The software will also allow avatars to speak in different languages, such as French or Chinese, making it a viable option for companies with global employees and customers.
Synthesia plans to tailor AI avatars for different countries in the future, such as a Chinese avatar presenting an employee training video, CNBC reported.
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By GlobalDataSynthesia’s new developments aim to help companies “achieve their business goals,” Synthesia co-founder and CEO Victor Riparbelli said in an interview with CNBC.
The CEO said the company had “found out the right use cases for these technologies that have lasting business value.”
“You need to do that business goal of reducing customer support tickets by showing videos instead of text; or sell by making videos instead of just sending out emails,” he added.
Synthesia has looked to boost the appeal of its technology to businesses by expanding its services beyond the creation of GenAI avatars.
The UK startup also unveiled an AI video assistant that has the ability to summarise documents and articles.
This was released alongside a screen recording tool, which provides an AI avatar explaining what is on the screen to the user, CNBC reported.
Synthesia is looking to appeal to a wide range of businesses, varying from major video production companies to small tech startups.
The technology is currently being used by over 55,000 businesses to create digital avatars for training and presentations.
In a statement on the company’s website, Synthesia said its technology “always complements, not competes.”
“Our products aim to empower and amplify people’s capabilities, never to replace them,” the company said.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.
