TLDR:
- Colossyan, a generative artificial intelligence video-based corporate training startup, has raised $22 million in a funding round led by Lakestar.
- The company’s AI-powered platform simplifies video creation for training purposes, eliminating the need for conventional filming resources such as video cameras and actors.
- Colossyan’s platform can generate videos in over 70 different languages, saving customers up to 80% in terms of costs and production times.
- The startup plans to use the funds to enhance its product features, such as video branching and knowledge checks, and expand its teams and offices.
Colossyan Inc., a generative artificial intelligence (AI) video-based corporate training startup, has closed a $22 million funding round led by Lakestar. The investment also saw participation from Launchub, the lead investor of Colossyan’s $5 million seed funding round, as well as existing investors Day One Capital and Emerge Education. Colossyan’s platform simplifies the video creation process by using AI to generate footage based on a script and a selection of avatars. This eliminates the need for traditional filming resources such as video cameras, studios, and actors.
Colossyan’s platform is primarily used for creating corporate training materials, but it has also been used in other areas such as advertising, sales outreach, and corporate communications. The startup claims that its platform can create videos in over 70 different languages, saving customers up to 80% in costs and production times. In terms of corporate training, Colossyan’s platform enables companies to quickly generate videos for tasks like employee onboarding and compliance education. It can also educate sales teams and help them reach their goals faster.
The funding will be used by Colossyan to fulfill milestones on its product roadmap. This includes the development of new features to boost engagement and learning outcomes, such as video branching, knowledge checks, and better control over its AI avatars. The company also plans to embark on a hiring spree, with the aim of expanding all of its teams and tripling its total headcount at its offices in Budapest, London, and New York.
The success of Colossyan’s platform has been attributed to insights and feedback from leaders in corporate training and sales enablement. Colossyan’s founder and CEO, Dominik Kovacs, stated that the unique features of the platform, including scenario-based training support and enhanced learning management system integration, were developed based on feedback from customers. These features differentiate Colossyan from its competitors and have resulted in significant returns on investment for its clients.
Colossyan had an impressive year in terms of revenue growth, increasing its revenue by over 600% after securing deals with large enterprises such as Vodafone, Porsche, and Paramount Global. Kristin Broadhead, the Director of Learning and Development at Sonesta International Hotels Corp., praised Colossyan’s videos for transforming their corporate training processes, highlighting the ease of content updates and cost savings.
The funding round was led by Lakestar Partner Akis Bratsos, who praised Colossyan’s platform for its rapid execution, customer-centric approach, and cutting-edge technology. The combination of these factors has resulted in significant returns on investment for clients.
Overall, the funding raised by Colossyan will support the company’s growth and development plans, allowing it to enhance its platform features, expand its teams, and increase its presence in key locations.