Jared Leto is getting behind a startup with a disruptive vision: to use artificial intelligence to change the way videos are produced.
What’s happening:
- Artificial intelligence video production startup Captions has raised $60M USD in a Series C financing round
- The round saw participation from multiple legendary Silicon Valley venture capital funds including a16z, Sequoia Capital, Kleiner Perkins and actor Jared Leto
The big idea:
- Captions has built a video production technology app which allows users to seamlessly create custom videos with avatars that are generated by artificial intelligence
- Captions is also capable of leveraging artificial intelligence to create custom graphics and animations
By the numbers:
- Captions currently has 10M users creating videos on their platform
Why it matters:
- Large media companies have recently begun to use Captions for video production and content creation, including Disney (NYSE: DIS) owned ESPN
Going deeper:
- Jared Leto has been a prolific angel investor in technology companies, previously backing startups such as Uber (NASDAQ: UBER), Robinhood (NASDAQ: HOOD) and Reddit (NASDAQ: RDDT)
The intrigue:
- Kleiner Perkins recently raised billions of dollars for two new venture capital funds for the specific purpose of deepening their bets on disruptive artificial intelligence startups
