Runway, an AI video startup, has secured $308m in its Series D funding round led by private equity firm General Atlantic.

The funding round included major investors such as Fidelity Management & Research, Baillie Gifford, NVIDIA, SoftBank Vision Fund 2, and other new and existing backers.

The company did not reveal its valuation, but Reuters, citing sources familiar with the matter, reported that the latest funding round valued the New York-based company at more than $3bn.

With the latest funding, the startup plans to advance AI research in new media, focusing on developing its AI-powered film and animation studio using world simulators.

As part of its recent technological advancements, Runway introduced Gen-4, its next-generation series of AI models.

Gen-4 is designed to deliver consistency in generating characters, locations, and objects across media scenes.

In a press statement, Runway said: “These advancements aren’t merely incremental improvements; they form the foundation for an entirely new approach to media—an ecosystem built on AI systems that can simulate our world.”

The company also announced the expansion of Runway Studios, its dedicated AI film and animation studio. This studio aims to produce original content using foundation models developed by Runway’s research team.

In September 2024, Runway signed an agreement with Lionsgate to develop a customised video generation model.

Runway’s platform enables users to generate videos through text prompts or images, integrating AI technology into creative media workflows.