NOV 28, 2023

 JEREMY GRAY

About a week after Stability AI announced Stable Diffusion Video, laying the groundwork for AI text-to-video generators, AI startup Pika Labs has announced that it has raised $55 million to push its competing generative video platform further.

Alongside the funding, Pika has also announced Pika 1.0, which the company says is “a major product upgrade that includes a new AI model capable of generating and editing videos in diverse styles such as 3D animation, anime, cartoon and cinematic, and a new web experience that makes it easier to use.”

As TechCrunch reports, Pika was co-founded by Demi Guo and Chenlin Meng, who are both former Ph.D. students in Stanford University’s renowned Artificial Intelligence Lab. Guo previously worked at Meta in its AI research division, and Meng has written several academic research papers on generative AI technology.