Generative artificial intelligence video-based corporate training startup Colossyan Inc. said today it has closed on a $22 million round of funding.

The investment was led by Lakestar and saw participation from Launchub, lead investor of the company’s $5 million seed funding round that closed a year ago. Existing investors Day One Capital and Emerge Education also participated in today’s round.

Colossyan is the creator of a generative AI-powered platform that’s designed to simplify video creation, primarily with training purposes in mind. The video creation process involves inputting a script, selecting from a diverse range of avatars or creating your own, and then simply clicking on a button to generate the actual footage, all without conventional filming resources such as video cameras, studios and actors.

What’s more, Colossyan said it can create videos in more than 70 different languages, saving customers up to 80% in terms of both costs and production times.

Colossyan said its AI video production platform is primarily used for creating corporate training materials, but that’s not the only use case, as it has also been used in advertising, sales outreach and corporate communications. In terms of corporate training, the startup said it enables companies to quickly generate videos for tasks such as employee onboarding and compliance education. Its videos can also educate sales teams and enable them to reach their goals faster, the company said.

Following today’s round, Colossyan intends to use part of the funds to fulfill the milestones on its product roadmap, which include new features to boost engagement and learning outcomes, such as video branching, knowledge checks and superior control over its AI avatars.

Colossyan founder and Chief Executive Dominik Kovacs (pictured) said the company’s success so far is thanks to the insights it has received from leaders in corporate training and sales enablement. “Their valuable feedback has led to the unique features that distinguish our product from competitors,” Kovacs said. “This includes our leading Scenario-Based Training support, enhanced Learning Management System integration, and best-in-class auto-translation.”

Today’s round follows an impressive year for the company, which grew its revenue by more than 600%, off an undisclosed base, after landing deals with large enterprises including the British telecommunications giant Vodafone Group Plc, the German carmaker Dr. Ing. h.c. F. Porsche AG and the film studio Paramount Global Corp.

Another happy customer is the hotelier Sonesta International Hotels Corp., whose director of learning and development Kristin Broadhead said Colossyan’s videos have transformed its corporate training processes. “The ease of content update and cost savings are remarkable,” he said.

Lakestar Partner Akis Bratsos said he chose to back Colossyan because its platform is distinguished from those of its competitors through its rapid execution, customer-centric approach and cutting-edge technology. “This effective combination has led to significant returns on investment for its clients, ranging from multinational corporations to individual creators,” Bratsos said.

Besides building out new product features, Colossyan also intends to embark on a hiring spree, with plans to expand all of its teams and triple its total headcount at its offices in Budapest, London and New York.

Photos: Colossyan