AI start-up Lore Machine in funding talks, rolls out visual-storytelling platform
Technology
AI start-up Lore Machine in funding talks, rolls out visual-storytelling platform
(Reuters) - Lore Machine, an artificial intelligence start-up that allows writers to convert stories into images, audio and animation, said it was in talks to raise funds and started rolling out its visual-storytelling platform to the public on Tuesday.
The company plans to charge between $10 and $160 per month for its platform which allows users to customize locations, characters and scenes, with the highest-priced tier aimed at enterprises.
Lore Machine is also in talks with venture capital firms for fundraising, following a pre-seed funding round in January 2023 that included Dao Jones, 100 Acre Ventures and NZVC and financial details of which were not disclosed.
"We are considering it (fundraising) ... having conversations with the VC community ... we are profitable and have significant revenues in Q4 and Q1 of this year from our partnerships," Lore Machine founder and CEO Thobey Campion told Reuters.
Campion did not provide details about the company's revenue and profit figures.
Lore Machine said it sees a large opportunity in the marketing industry and the company created an ad for HP's (HPQ.N) gaming computers that was aired in China.
The start-up is in talks for partnerships with 20 software platforms and content partners and is working on a version of the platform that would allow enterprises to train the model with their in-house styles.
While using AI to generate visuals from text inputs is not new, Lore Machine is looking to stand out in the market by allowing longer prompts of up to 30,000 words.
The company creates visuals by using the popular Stable Diffusion AI image generator but has built its own technology to synthesize text.
The platform will allow text inputs of up to 500,000 words in a couple of months, Campion added.
