Colossyan, a London-based startup specializing in AI-driven video creation for corporate training, has announced a successful $22 million Series A funding round. Led by Lakestar, known for its investments in innovative companies like Spotify and Revolut, the funding round also saw participation from existing investors Launchub, Day One Capital, and Emerge Education.
Founded in 2020, Colossyan leverages AI technology to generate interactive workplace training videos. By remixing, re-animating, and editing footage featuring virtual avatars against customizable backdrops, Colossyan aims to make corporate training more engaging and cost-effective. Users can input scripts to be read aloud by the platform's text-to-speech engine, which supports over 70 languages, eliminating the need for conventional filming resources.
Kovacs, an engineer and data scientist, was inspired to start Colossyan by the growing corporate interest in AI. He notes that enterprises are increasingly adopting AI in various areas to streamline operations and enhance service delivery. Despite challenges such as limited AI skills and data complexity, many organizations are actively working to overcome these barriers.
While Colossyan's platform offers a free trial, Kovacs acknowledges that it may not meet everyone's expectations. Some users may find the avatars stiff and cartoonish, and the text-to-speech engine robotic compared to other GenAI tools. However, several household brands, including Novartis, Porsche, and Vodafone, have embraced Colossyan's platform for its integrations with learning management systems and interactive features like conversation mode.
One of Colossyan's key achievements lies in its ability to significantly reduce video production costs and accelerate output. Customers have reported average savings of 90% in production costs and an 80% increase in speed compared to conventional filming methods. Kristin Broadhead, Director at Sonesta, praised the platform's ease of content updating and cost-effectiveness, highlighting its remarkable impact on training initiatives.
With the influx of fresh capital, Colossyan plans to enhance its product offerings and expand its customer success and community teams. Key features on the roadmap include advanced lip sync, editing capabilities, and improved avatar gestures. Additionally, the company aims to introduce new functionalities such as quiz questions, knowledge checks, and adaptive learning paths, aiming to elevate the educational experience and maximize engagement.
While Colossyan faces competition from other generative video startups like Synthesia and CommonGround, its distinct focus on transforming corporate learning sets it apart in the market. By addressing the training and development challenges faced by organizations, Colossyan aims to provide a scalable and cost-efficient solution tailored to the needs of C-suite and IT department leaders.
As Colossyan continues to innovate and integrate adaptive features into its platform, it is poised to make a significant impact in the realm of workplace learning applications, ushering in a new era of interactive and engaging corporate training experiences.