Hungarian-founded Colossyan raises ＄5M in Series A round

Colossyan, a text-to-video GenAI startup, has raised $5 million in its Series A funding round. The round was led by Bulgaria-based LAUNCHub Ventures as well as Emerge Education, Sifted informs.

• Founded in 2020 by Dominik Mate Kovacs, Kristof Szabo, and Zoltan Kovacs, Colossyan develops a platform that allows users to create videos from text using AI. Using a text prompt, the user can upload presentations, documents, or audio to create a certain video. The solution is focused on Learning and Development (L&D) creators.

• The startup offers two subscription plans. Its basic plan is for simple video makers. And the enterprise range is for professional videos. The prices are tiered depending on the number of minutes users can generate. 
• LAUNCHub Ventures led the round. It is a Bulgaria-based early-stage VC actively investing in SEE&CEE tech startups in Seed and Series A stages. Recently, the funds participated in the round for Transmetrics and co-led the investment in Veridion.
• Another main investor this round is Emerge Education. It is a European early-stage venture capital specializing in L&D startups.
• Colossyan will use the fresh capital to grow its engineering and AI research teams. It will also expand its services further across London and New York.