Runway Launches $1M Fund for Filmmakers For AI-Powered Filmmaking

AI startup Runway is stepping up its commitment to the film industry by offering grants of up to $1 million for filmmakers utilizing artificial intelligence in their projects. This initiative follows their groundbreaking deal with Lionsgate and aims to empower both established and emerging creators to explore AI as a new storytelling tool.

Introducing The Hundred Film Fund

Runway's new initiative, The Hundred Film Fund, will provide financial support to up to 100 short films and feature-length movies that leverage generative AI technology. Funding grants will range from $5,000 to $1 million, and Runway promises to make decisions on applications within 14 days of submission. Additionally, the company is offering up to $2 million in credits for filmmakers to use its AI tools. Interested creators can apply here.

Industry Experts Join Advisory Panel

To ensure the fund supports innovative and impactful projects, Runway has assembled an advisory panel featuring leaders from both tech and entertainment sectors. The initial advisors include:

• Jane Rosenthal: Co-founder of Tribeca Festival and film producer

• Richard Kerris: VP, GM of media and entertainment at Nvidia

• will.i.am: Artist, actor, and producer (also a Runway investor)

• Stefan Sonnenfeld: Award-winning film colorist and president of Company 3

• Christina Lee Storm: Founder and CEO of Asher XR

These advisors will help evaluate pitches and guide filmmakers through the creative process.

No Strings Attached: Runway’s Unique Approach

Runway co-founder and CEO Cris Valenzuela emphasized that the company does not seek to profit directly from the funded projects. Instead, the goal is to promote AI as a transformative tool for filmmakers. “This is not about getting our money back,” he stated. Runway will not hold ownership rights over the films created and will not distribute them, but will help connect participants with potential buyers through its panel of advisors. Valenzuela said, "Our success will be rooted in our ability to help storytellers make these films.”

Empowering New Voices in Filmmaking

Valenzuela believes that traditional funding models often overlook innovative ideas. With no set total for the fund, The Hundred Film Fund is designed to support a diverse range of projects. “We believe that the best stories are yet to be told,” Valenzuela said, emphasizing the opportunity for creators to break new ground using AI.

will.i.am’s Vision for AI in Film

Renowned artist and producer will.i.am, a user of Runway’s AI tools before becoming an investor, expressed his excitement for the fund. He highlighted the potential of AI to revolutionize filmmaking by freeing up time for creators to focus on story and character development. “The dreamers are going to use AI to tell stories differently,” he remarked, encouraging filmmakers to push the boundaries of their creativity.

A New Chapter for Technology and Cinema

Valenzuela responded to skepticism in Hollywood by stressing the historical relationship between technology and filmmaking. “Technology and cinema have always been intertwined,” he said, describing AI as the next evolution in that journey. This fund, separate from Runway’s recent partnership with Lionsgate, represents a significant push to integrate AI into the filmmaking process.

Building on Success: The AI Film Festival

The Hundred Film Fund builds on the momentum of Runway’s AI Film Festival, which has showcased innovative AI-driven projects since 2022. The festival, which partnered with Tribeca Festival this year, has awarded over $60,000 in prizes to winners and highlighted the potential of AI in film through screenings and discussions.

Runway’s Growth and Future Vision

Founded in 2018, New York-based Runway has raised approximately $250 million from prominent investors such as Google, Nvidia, and Salesforce Ventures. The company's last reported valuation was $1.5 billion. The launch of The Hundred Film Fund signals a bold move to redefine filmmaking with AI, opening up new creative possibilities and challenging traditional norms in the industry.

A New Era for Filmmaking

This initiative opens up exciting possibilities for storytellers, empowering them to explore new creative horizons with AI technology. As the industry embraces these innovations, filmmakers can look forward to blending human creativity with cutting-edge tools to redefine storytelling and elevate the art of cinema to new heights.