Annual recurring revenue (ARR) at London-based AI unicorn Synthesia has surpassed $100m, an almost 300% rise from its 2023 turnover.
Launched in 2017, the company’s platform generates realistic, human-like AI avatars that can read out script for corporate training videos and comms.
Users can select an existing avatar to read out their scripts, or for an extra fee have the company create a new one based on themselves which mimics their appearance, voice and facial expressions.
The company reported on Tuesday the staggering revenue surge, dwarfing the £25.7m of reported turnover in its most recently available accounts.
Synthesia, which reached a valuation of more than $2bn after a $180m Series D funding round in January, claims to now be used by more than 70% of Fortune 100 companies, up from 40% two years ago.
That, alongside new localisation, live collaboration and screen recording tools, were credited with driving the boost in ARR.
“We are incredibly proud to announce these milestones,” said Victor Riparbelli, CEO and co-founder of Synthesia.
“Reaching $100 million in ARR underscores the significant value and impact our AI video platform and solutions bring to enterprises and the shared determination of our team to build a generational software business.
The group, one of the UK’s top three AI startups by valuation, has also secured a strategic investment from Adobe Ventures, the investment arm of the software giant.
“The Adobe Ventures investment represents a powerful endorsement of our vision for enterprise-grade video communications, enabling us to deliver even greater innovation and customer value,” Riparbelli added.
Synthesia has carved a name for itself as one of the most promising AI companies in Europe when it comes to valuation and revenue, earning itself a nod from the Labour administration, keen to encourage growth in the sector.
“It’s great to see a yet another British tech company attracting international investment – and that’s in part because we’re creating the environment where home-grown companies and innovators can flourish and do what they do best,” said Tech Secretary Peter Kyle.
Synthesia announced last week its next generation of AI models would be trained on Shutterstock’s content library as part of a new deal.
Read more: Synthesia’s journey to becoming one of the UK’s most valuable gen AI company
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