Google has signed a huge cloud computing contract with Runway, a generative AI startup that recently raised $100 million at a $1.5 billion valuation. Runway’s technology can transform images and videos using text. The startup will receive millions of dollars in cloud services and related credits from Google as part of the contract. Runway has around $20 million in credits, and Google’s contract with the startup is worth $75 million over three years. The deal would provide Runway with significantly more credits than the standard tiers for Google’s startups program. Cloud companies like Google, Amazon Web Services, and Microsoft have been offering free cloud credits to startups in the hopes of getting them to eventually spend more on cloud services.
Runway is a generative AI startup that helps users transform images and videos using text.
The article mentions a $100 million fundraise by Runway, a generative AI startup, that has recently signed a huge cloud computing contract with Google worth $75 million over three years. The startup has been backed by firms like Amplify Partners and Lux Capital. Runway’s technology has been used in films such as Everything Everywhere All At Once. The startup was valued at $1.5 billion after the recent funding round.
The article briefly mentions Google’s investment in Runway as part of the $100 million funding round. It also discusses the cloud credits offered by Google as part of its startups program, which will significantly increase for Runway due to the contract they have signed. The article talks about how cloud giants like Amazon and Microsoft have also run similar programs to entice startups to eventually spend more on their cloud services.
