Runway, a video company based in New York, has raised US$308 million in a funding round led by private equity firm General Atlantic.

The company did not comment on a Bloomberg report that valued it at over US$3 billion.

Other participants in the round included SoftBank Group, Nvidia, Fidelity Management & Research Company, and Baillie Gifford.

The funds will be used to enhance Runway’s AI research.

The company aims to develop new media tools, including AI-driven film and animation studios that use environment simulations to predict future events.

Runway offers software that generates videos from text prompts or images. In September, it partnered with Lionsgate to create a customized video generation model for filmmakers and creative professionals.