Photoroom's most popular feature allows users to create AI-generated backgrounds for their photos. The company's proprietary model, Photoroom Instant Diffusion, can generate images faster than other models, a key differentiator according to CTO Eliot Andres. Despite some initial technical challenges, the startup plans to use the new funding to improve its technology and expand its 60-person team. The company's mission is to make high-quality photos accessible to anyone in the world.
Key takeaways:
- Photoroom, an AI-based photo editing startup, has raised $43 million in Series B funding at a $500 million valuation. The round was led by Balderton Capital and Aglaé Ventures, with participation from Y Combinator.
- The startup, founded by former GoPro product manager Matthieu Rouif and Eliot Andres, offers AI-based photo editing software and has 30 million active users who have altered more than 5 billion images with Photoroom.
- Photoroom has garnered the attention of brands like Netflix, Lionsgate and Warner Bros, who have used the startup’s API to promote films and shows. It has also partnered with Universal Music Group-owned record label, Republic Records, to create a custom selfie generator of Taylor Swift’s album 1989.
- The company plans to use the new funding to improve the technology by investing in more GPUs and data to train the AI model and expand its 60-person team.