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NEW YORK — The AI video company Runway is introducing a multimillion-dollar fund to support filmmakers who use AI in their productions.
The Hundred Film Fund is an “open call” to creative professionals who have “AI-augmented” film projects in the pre- or post-production phase and need funding, according to Runway this week.
Runway and Runway Studios expect to help produce and back 100 films through the fund.
Runway says all film formats are eligible, including features, shorts, documentaries, experimental projects and music videos.
The company dedicated $5 million to the fund, which could grow to $10 million.
Applications are open, and grants will range from $5,000 to over $1 million. The company will also award $2 million in Runway credits.
“We believe that the best stories are yet to be told but that traditional funding mechanisms often overlook new and emerging visions within the larger industry ecosystem,” says Cristóbal Valenzuela, co-founder and CEO, Runway.
Valenzuela says that putting its AI tools into the hands of creative professionals is “doubly important in our mission to ensure that the future of storytelling is artist-led.”
Runway recently partnered with Lionsgate, Getty Images, Canva and Tribecca Festival.
To date, the company, founded in 2018, raised $234 million in funding.
It employs about 200 people, according to LinkedIn.
More information on the fund is online.
