Why is it important?
Tech heavyweights including OpenAI and Alphabet are looking to get a leg-up in the lucrative entertainment industry, as film studios seek to use generative AI to speed up content creation and cut costs.
But video and image generation tools have also led to lawsuits by major film studios against AI companies, accusing them of copyright infringement and plagiarism.
Moonvalley said the investment will help it meet enterprise demand, expand content library and build features that partners have requested.
CoreWeave, Khosla Ventures and YCombinator also invested in the round.
Context
Moonvalley last week released its first licensed AI video model for professional production.
Last month, visual effects veteran Ed Ulbrich, who worked on films such as “Titanic” and “The Curious Case of Benjamin Button,” joined Moonvalley as head of strategic growth and partnerships.
The company had raised $70 million in November last year, bringing the total funding to $154 million.
“Our relationship provides Moonvalley with access to advanced compute resources – including the latest GPU systems,” Brannin McBee, cofounder and chief development officer for CoreWeave, said.
