New AI Video App by Pika Labs Makes a Big Splash, Boosts Chinese Company’s Stock

Mukund Kapoor
By Mukund Kapoor - Author 3 Min Read
3 Min Read

Stanford Dropouts Behind the Innovation, Stir Excitement in Tech World

In Short
  • Pika Labs, co-founded by Stanford dropouts, launches Pika 1.0, causing a surge in Sunyard Technology's stock.
  • The startup raised $55 million in funding, signaling strong investor confidence in generative AI.
  • Despite growing interest, generative AI faces challenges in broader enterprise adoption and regulatory concerns.

December 3, 2023: The AI frenzies are shocked by the latest developments from Pika Labs, an American AI video generator startup co-founded by Stanford dropouts Demi Guo and Meng Chenlin.

This breakthrough has unexpectedly triggered a stock rally for Sunyard Technology, a Chinese IT firm closely associated with Guo’s family, despite no direct business links.

Pika Labs, based in Silicon Valley, has taken the tech community by storm, particularly in China, where Demi Guo’s familial ties have sparked investor interest.

Here’s an example of what we tried to generate using Pika’s Discord server (it generated a pretty dope video actually):

Generated via Pika (Discord)

Guo, daughter of Guo Huaqiang, former chairman of Hangzhou-based Sunyard Technology, has become a notable figure.

Despite Sunyard’s assertion of no direct business relationship with Pika Labs, their stock has surged over 20% following the launch of Pika 1.0, a sophisticated AI video generator.

“Pika’s vision is to empower everyone to direct their own stories,” the company stated, reflecting its commitment to democratizing video creation.

Pika Labs, flourishing after ChatGPT’s success, announced raising $55 million in seed and Series A funding, attracting Silicon Valley heavyweights like Nat Friedman and Daniel Gross.

This funding coincides with the launch of Pika 1.0, designed to transform simple text prompts into diverse video formats, from cartoons to realistic animations.

“Our goal is to lead in AI video-generation technology,” Guo remarked, emphasizing the rapid advancement in this field. The start-up, with only four employees, including Guo and Meng, aims to release a commercial version capable of producing film-quality shorts.

The generative AI sector, which includes video tools, is witnessing a meteoric rise.

Pika’s recent funding round led by Lightspeed Venture Partners highlights the industry’s potential, with a projected increase in generative AI investments from $16 billion to $143 billion by 2027.

However, challenges persist. O’Reilly’s 2023 report indicates that many enterprises are still grappling with the adoption of generative AI, citing concerns over security, fairness, and legal issues.


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By Mukund Kapoor Author
Mukund Kapoor, the enthusiastic author and creator of GreatAIPrompts, is driven by his passion for all things AI. With a special knack for simplifying complex AI concepts, he's committed to helping readers of all levels - be it beginners or experts - navigate the intriguing world of artificial intelligence. Through GreatAIPrompts, Mukund ensures that readers always have access to the most recent and relevant AI news, tools, and insights. His dedication to quality, accuracy, and clarity is what sets his blog apart, making it a reliable go-to source for anyone interested in unlocking the potential of AI. For more information visit Author Bio.
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