The global Learning & Development (L&D) market valued at $345.56 billion in 2021 is expected to grow to $493.32 billion in 2028. Companies today are highly globalised, with a dynamic workforce and customer base. Also, they are in dire need of efficient, engaging, and scalable solutions for areas like workplace learning and customer education. While traditional training methods often fail to meet the diverse needs of customers and workforces, Colossyan’s AI video technology offers personalised and interactive content that is both efficient and cost-effective.
Now, the Hungarian-founded, UK-based text-to-video startup has secured $22 million in a funding round led by Lakestar that backed Dexory and Nelly, with participation from Launchub, Day One Capital, and Emerge Education.
The funding will fuel Colossyan’s ambitious growth and help it make strategic hires of top talent for North American sales, client support, and R&D. Already, the team has grown from 15 to 45 in 2023 alone.
Gen AI video for corporate training
Founded in 2022 by Dominik Mate Kovacs, Kristof Szabo, and Zoltan Kovacs, Colossyan develops a platform that allows users to create videos from text using AI. Using a text prompt, the user can upload presentations, documents, or audio to create a certain video. The solution is focused on L&D creators.
As per the company, its text-to-video technology, powered by advanced Generative AI, reduces video production time from weeks to under 30 minutes.
Colossyan’s solution has already attracted 2,000 clients across 46 countries, including Porshe, Vodaphone, Paramount, and BMW. Also, it experiences a 600% year-on-year growth over the past year.
Akis Bratsos, Partner at Lakestar, commented, “This investment emphasizes our confidence in the AI-driven corporate learning market and Colossyan’s robust path to revolutionize this field. Colossyan’s exceptional growth and distinctive features position the company as a true frontrunner, reshaping the future of corporate education. We are pleased to embark on this journey with the Colossyan team.”
Dominik Kovacs, CEO of Colossyan said, “Colossyan is dedicated to democratizing knowledge with affordable, interactive video creation, rapidly responding to consumer feedback. Our commitment goes beyond making videos; we enable the creation of interactive learning experiences tailored to our customers’ needs, and we pride ourselves on our speed in adapting and learning. This agility has been crucial to our growth. Our partnership with Lakestar, aligning with our vision, is a significant step in not just revolutionizing video production but doing so quickly to meet the growing demand for interactive learning, a key aspect of our AI research.”