Luma AI is developing AI-powered technology that allows the creation of photorealistic 3D models of real-life objects from photographs or video footage. This enables fast and cheap creation of models for gaming, VR, ecommerce, and other applications.
The company’s flagship product is an iOS application that scans objects to generate 3D models. Luma also offers its technology to developers via an API, enabling integration into products and services.
In August 2024, Luma AI launched Dream Machine 1.5, an upgraded version of its AI-powered text-to-video model. Dream Machine 1.5 introduces enhanced realism, improved motion tracking, and more intuitive prompt understanding. It also features the ability to render text within generated videos, better handling of non-English prompts, and faster video generation, producing five seconds of high-quality video in approximately two minutes. In September 2024, the company launched an application programming interface (API) for Dream Machine to allow users to build applications and services utilizing Dream Machine outside the Luma AI website.
Luma leverages generative AI and neural radiance fields (NeRF) technology, a specialized neural network trained to build a complete scene using photos taken from multiple angles to generate its 3D models.
In January 2024, the company was valued between USD 200 million and USD 300 million.
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