RunwayML raises $8.5 million for its AI-powered media creation tools

RunwayML, a Brooklyn-based startup building a library of AI-powered tools for designers, artists, and other creators, has raised $8.5 million in venture capital. The company says the funds will be used to accelerate its go-to-market efforts as looks to increase the size of its product development teams. Runway CEO Cristóbal Valenzuela argues that for decades, the over $2.1 trillion media industry has relied on "incremental iterations" of familiar old tools. While some of those tools have become "smarter" in recent years, they're rooted in an outdated paradigm reliant on expensive, time-consuming processes. Corporate videos of all types range from $500 to $10,000 per finished minute -- minutes that take days, weeks, or even months to produce.