PhotoRoom, an AI photo editing app, will raise $50 million to $60 million at a valuation of $5-$600 million

Bit - French AI startup PhotoRoom is raising between $50 million and $60 million in funding, with a pre-investment valuation of between $500 million and $600 million, according to multiple sources. The full list of investors is unclear. Balderton, who led the company's previous funding round, will also lead the round, a source said. It was also said that other previous backers also participated in the round along with the new investors. In addition to Balderton, existing backers include Adjacent, Kima Ventures, FJ Labs, Meta, Y Combinator, and a number of angel investors such as Yann LeCun, Zehan Wang (formerly of Magic Pony and Twitter), Hugging Face, and Disney+ executives, to name a few. If this funding round closes, PhotoRoom will raise a total of $70 million to $80 million.

It is reported that the company has developed an AI-based image editing application and interface, which is popular with e-commerce providers, media experts, etc. Warner Bros. used PhotoRoom's API to run a social marketing campaign for the Barbie movie. In addition, companies such as Netflix and online food delivery startup Wolt are also using their tools in a wider range of use cases.