March 7 (SeeNews) - Bulgarian venture fund LAUNCHub Ventures has participated in a $5 million (4.69 million euro) funding round of Hungarian-founded, UK-based artificial intelligence (AI) startup Colossyan, the startup said.
The round was also joined by new UK-based investor Emerged Education as well as existing investors - Romania's Day One Capital and Oktogon Ventures, and Berlin-based APX, Colossyan CEO Dominik Mate Kovacs said in a social media post last week.
Founded in 2020, Colossyan is working on a text-to-video software. The solution uses AI algorithms to generate real-life actors and create hyper-realistic videos after inserting a script.
Colossyan will use the fresh funds to enhance the core functionality of its product and add new features, Kovacs said.
The company has already created a base of 400 customers, while its revenue has been increasing by 30% month-on-month since the beginning of 2022.
LAUNCHub Ventures supports startups in South-Eastern and Central-Eastern Europe. The company is currently investing out of its third fund with a size of 74 million euro ($78.8 million), according to its website.
($ = 0.9374 euro)