Pika, an AI-powered idea-to-video platform, announced it has raised $55 million in cumulative funding. The latest investment round was led by Mike Mignano, former CEO of Anchor and now a Partner at Lightspeed. Pika's CEO and Cofounder, Demi Guo, impressed investors with her technical achievements and focus on building a community.

About a year ago, Pika launched its 'Squish It' tool.

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More. Lightricks, the company behind popular creative apps like Facetune and VideoLeap, announced today the release of its most powerful AI video generation model to date. The LTX Video 13-billion-parameter model (LTXV-13B) generates high-quality AI video up to 30 times faster than comparable models while running on consumer-grade hardware rather than expensive enterprise GPUs.The model introduces “multiscale rendering,” a novel technical approach that dramatically increases efficiency by generating video in progressive layers of detail. This enables creators to produce professional-quality AI videos on standard desktop computers and high-end laptops instead of requiring specialized enterprise equipment.“The introduction of our 13B parameter LTX Video model marks a pivotal moment in AI video generation with the ability to generate fast, high-quality videos on consumer GPUs,” said Zeev Farbman, co-founder and CEO of Lightricks, in an exclusive interview with VentureBeat. “Our users can now create content with more consistency, better quality, and tighter control.”