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Creative Fabrica raised $61 million after launching AI design tools based on GPT-3 and Stable Diffusion. Check out its 19-slide pitch deck.
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- Design startup Creative Fabrica has raised a $61 million Series B from Alven.
- The startup has partnered with ChatGPT-maker OpenAI and Stable Diffusion-maker Stability AI.
- Check out the 19-slide deck it used to raise the fresh funds.
The starting gun has fired for venture capitalists racing to get into what is predicted to be a hot field in 2023: anything involving generative AI.
Creative Fabrica, a design startup that has partnered with ChatGPT-maker OpenAI and Stable Diffusion-maker Stability AI, has raised $61 million in Series B funding led by venture capital firm Alven.
Creative Fabrica is a marketplace for users to access a library of fonts, art, and graphics made by its community of professional and hobbyist designers. The startup makes its money through a monthly subscription fee, which gives users access to its library. With more than 150,000 paying subscribers, CEO Roemie Hillenaar also sees the platform as empowering for individual designers, who can access a range of creative tools and form a community with other creatives.
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What has piqued investor interest is the startup’s implementation of generative AI. Creative Fabrica has launched CF Spark, a suite of tools that can generate original images, designs, or text when given specific prompts. The image tools are based on Stability AI’s Stability Diffusion and OpenAI’s DALL-E, both text-to-image art generators that blew up during 2022. The writing tool is powered by GPT-3, OpenAI’s language model.
“For a lot of users, crafting is about personalization,” Hillenaar told Insider. “So generative AI is a very natural extension to our content library, where we can become hyper-personal.”
With generative AI gaining momentum — and investor traction — in the weeks since the advent of OpenAI’s chatbot ChatGPT3, the startup has noted an uptick in usage of Spark, with users generating over 15 million images in three months.
The startup wants to place itself at this intersection between AI tools and the creator economy, and help creators tap into newer technologies while they design.
This has helped designers in the user base who monetize their work, such as Etsy sellers, or people who create their own shirts, mugs, or home decor, Hillenaar added.
The startup has raised capital around two years after its $7 million Series A in January 2021.
The $61 million round was led by early-stage VC Alven, which has previously backed the likes of Stripe, Dataiku, and Ankorstore, with funding from LionTree and Triplepoint. Additional participation came from existing backers Felix Capital and Peak Capital.
The team’s “demonstrated early leadership in generative AI” was a key factor that put them in good stead for growth, said Frederic Court, founder of Felix Capital.
With the fresh funds, the startup will grow its headcount, and invest into developing its technology. It will also look to scale its existing channels through acquisitions.
Check out the 19-slide deck used to secure the fresh funds.
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