Generative artificial intelligence video startup Captions LLC announced today that it has raised $60 million in new funding on a valuation of $500 million to advance its research of generative video technology.

The round was led by Index Ventures LLP, with Kleiner Perkins Caufield & Byers LLC, Andreessen Horowitz, Sequoia Capital Operations LLC, Adobe Ventures, HubSpot Ventures LLC and Hollywood actor Jared Leto (pictured) also participating. Including the new funding, Captions has raised $100 million to date.

Founded in 2021, Captions is building what it calls a “creative studio” that uses AI to transform the video creation process, enabling users to produce studio-grade videos with just a few taps. The company’s tools include avatars, editing, captioning, dubbing and audio correction, all focused on streamlining the creative process.

Generative AI’s use in video has been a rapidly growing field, with players such as Luma AI Inc. emerging and OpenAI’s yet-to-be-released Sora creating headlines. While Captions competes in the same space, the company differs by specializing in videos that feature a person speaking.

According to Bloomberg, Caption users can type text into the software that can then be spoken by a photorealistic AI avatar. Alternatively, users can suggest a topic for the software to build a script around, such as “instructions for making a balloon dog.” The dialogue can also be translated into various languages.

The company’s functionality is pitched as delivering a “new age for creativity, empowering an entirely new group of creators who otherwise may have been blocked by the barriers that come with recording or editing.”

One of Captions’ tools, AI Edit, allows users to fully edit a video with one tap with another tool, Lipdub, generates natural lip movement and body language. The functionality is said to have been well received by users, with Caption’s mobile app surpassing over 10 million downloads.

Damir Becirovic, partner at Index Ventures, commented that “by allowing anyone to produce studio-grade video, choose whether to put themselves or an avatar in front of the camera or instantly edit footage with a tap of a button, Captions is breaking down the barriers to great storytelling and unleashing a new wave of creativity. We’re excited to support them in this journey.”

Photo: MrJamesAckerley/Flickr