The new funds will be used for R&D, infrastructure, and hiring additional employees, with a goal to double its current workforce of 50 by the end of the year. Despite competition from rivals like Picsart and Pixelcut, Photoroom has reached 150 million downloads and processes 5 billion images. Unlike its competitors, Photoroom has trained its own models from scratch, necessitating more investment in computing power and licensing content deals from publishers, artists, and other content creators.
Key takeaways:
- Paris-based AI photo editing app Photoroom has raised $43 million in a successful funding round, reaching a valuation of $500 million.
- The funding round was led by Balderton Capital and included new investor Aglaé, as well as returning investors such as Y Combinator.
- Photoroom has reached 150 million downloads and currently processes 5 billion images, despite competition from other AI photo editing apps like Picsart and Pixelcut.
- The company plans to use the new funds for R&D, infrastructure, and hiring additional employees, aiming to double its current staff of 50 by the end of the year.