Runway

Runway is an applied artificial intelligence (AI) research company developing multimodal AI tools and systems for creatives. The company aims to make content creation more accessible and controllable. Runway conducts research in multi-modal AI systems, builds the infrastructure to deploy models, and invents products and applications that leverage its techniques for multimedia content. Runway applies deep learning techniques to audiovisual content, with its flagship products being the Gen-1 (use text and images to generate new videos out of existing ones) and Gen-2 (create videos in any style with text-to-video generation) AI systems.

These platforms also offer what the company calls "AI Magic Tools," multimedia AI products for brainstorming, designing, generating, and editing content. Runway provides over thirty AI Magic Tools:

• Text-to-image generation
• Image-to-image transformation
• Image expansion
• Frame interpolation
• 3D texture generation
• Image inpainting
• Video slow-motion
• Face-blurring in video
• Audio cleanup
• Transcribing audio from videos
• Video subtitling
• Colorization
• Image upscaling
• Motion tracking

Based in New York City, Runway was founded in 2018 by Cris Valenzuela (CEO), Alejandro Matamala, and Anastasis Germanidis while at art school together at New York University (NYU). The trio shared an interest in AI's creative potential and began building a suite of AI-powered tools initially for filmmakers and photographers. The company has received VC funding with the latest round a $141 million extension to its Series C round from Google, Nvidia, Salesforce, and others. This funding brings the total raised by Runway to $237 million and values the company at $1.5 billion. Announced on June 29, 2023, the funding builds on a Series C round in December 2022. The company says the capital will be used to scale up research efforts and expand its workforce.

Runway offers a range of price plans and a basic free version for individuals looking to explore the company's AI Magic Tools and content creation features. Users receive monthly credits when signing up that equate to seconds of generation using Gen-1 and Gen-2 or image generations. For example, the free plan provides 125 credits per month, equal to 8 seconds Gen-1, 25 seconds of Gen-2, or 25 image generations. Runway's paid plans include Standard ($12 per user per month), Pro ($28 per user per month), Unlimited ($76 per user per month), and Enterprise, which is customized to a business's specific needs. Each plan provides additional credits and features as they increase in price with Unlimited users able to generate as much video as they want.