Synthesia offers a platform to create videos featuring stock or custom AI avatars. Credit: sdecoret via Shutterstock.

Synthesia, a video creation platform powered by artificial intelligence (AI), has raised $90m in a Series C funding round.

The funding round, which values the firm at $1bn, was led by Accel.

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NVIDIA’s venture capital arm, NVentures and existing investors Alex Wang, Amjad Masad, Firstmark Capital, GV, Kleiner Perkins and Olivier Pomel also participated in the round.

UK-based Synthesia offers a platform for business customers that enables them to create instructional videos featuring stock or custom AI avatars.

Besides partnering with leading VCs and strategic investors, the company plans to use the funding to advance its AI research.

Accel partner Philippe Botteri said: “By dramatically lowering the cost and production time of videos, Synthesia is opening a new range of use cases for corporate training, marketing, and communication videos. With their research team constantly pushing the limits of AI video generation, I could not be more excited about our investment in the company.”

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Set up in 2017, the company claims to have recorded a 456% growth and currently serves 50,000 businesses.

NVentures head Mohamed Siddeek said: “Synthesia is doing breakthrough work bringing these tools to enterprise video production, helping to enable a future where anyone can generate studio-grade videos without the physical barriers of cameras or microphones.”

Synthesia co-founder and CEO Victor Riparbelli said: “We have made great strides toward our vision to make video easy for everyone, but there is still a long way to go.

“While we were not actively looking for new investment, Accel and NVIDIA share our vision for transforming traditional video production into a digital workflow that will enable creators to bring their ideas, from training videos to Hollywood films to life with only a Synthesia account.”