citybiz+ Colossyan Raises $22 Million as CEO Eyes U.S. Market

Colossyan, a European startup that uses generative artificial intelligence to produce educational videos, has closed a $22 million Series A, as its co-founder Dominik Kovacs listed New York as his location in his LinkedIn profile and the company registered in Wilmington, Del., according to Crunchbase.

New investor Lakestar, which has backed Revolut and Spotify, along with current backers Launchub, Day One Capital, Emerge Education and Oktogon Ventures, participated in the round, Kovacs said in a statement. So far, the London-headquartered Colossyan has raised $28.2 million from investors.

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“Back when we started, the concept of AI-driven corporate training videos seemed like a distant future,” Kovacs, who studied engineering in his native Denmark, said in a LinkedIn post. “Yet, here we are, having turned that vision into a vibrant reality, thanks to the unwavering dedication of our team and the trust of our clients and investors.”

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Colossyan emerged in part from Defudger, Kovacs’ earlier startup that built technology to identify videos created by artificial intelligence. It has built a platform that combines varied text forms and visuals, to whip up videos in which AI-created avatars act as teachers, imparting lessons. Currently, Colossyan’s customers include BASF, BMW, Novartis, Vodafone and Hewlett-Packard, each of whom uses its technology to produce a variety of training videos for its employees.

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Driven by up to 90% savings in conventional production costs and up to 80% in time, Colossyan clocked 600% growth in 2023, according to Kovacs. It is significantly upping investments to enhance the quality of its flagship product, adding features such as Gestures for avatars, and further advancing lip-sync technology.

“Our upcoming features are designed to weave interactivity and active learner participation into our platform,” said Kovacs, who has been associated with tech startups since 2018. “With the introduction of interactive quizzes and adaptive learning paths, we aim to make the educational journey not only more engaging but also more effective.”