Pika, which is building AI tools to generate and edit videos, raises $55M

Pika, a startup specializing in generative AI video editing and generation tools, has raised $55 million in a funding round led by Lightspeed Venture Partners. Pika has also launched Pika 1.0, a suite of videography tools that includes a generative AI model capable of editing videos in different styles. The company aims to simplify and democratize the video-making process. Pika competes with other generative AI video tools from companies like Runway and Stability AI. The funding round will help Pika further develop its platform and expand its user base, which currently stands at half a million users generating millions of videos per week.