Pika, an AI-based platform for video editing, has successfully raised USD 55 million in a funding round. The round was led by Lightspeed Venture Partners, with participation from Homebrew, Conviction Capital, SV Angel, Ben's Bites, and angel investors like Quora founder Adam D'Angelo, ex-GitHub CEO Nat Friedman, and Giphy co-founder Alex Chung.

The company intends to employ the funds to further enhance and expand Pika 1.0, its primary software suite that offers an array of videography tools to users.

Pika, launched six months ago, has already amassed a user base of half a million, generating millions of videos weekly. Pika’s offerings simplify the process of creating high-quality videos by leveraging its GenAI model. This helps facilitate the creation and editing of a variety of video styles without the conventional complexities.

Analyst QuickTake: Pika competes with GenAI video tools and models developers like Runway and Stability AI. With the launch of Pika 1.0, it aims to differentiate its capabilities with unique features including video length extension, style transformation (such as from "live action" to "animated"), canvas expansion, and aspect ratio modification.