AI Photo Editing App Photoroom Reaches $500M Valuation After Raising $43M To Fuel Expansion of Its Instant Image Generation Technology
• Photoroom is an AI-based photo editing app that reached a $500 million valuation after raising $43 million in Series B funding.
• It was founded in 2019 by Matthieu Rouif and Eliot Andres and now has over 30 million active users who have edited over 5 billion images.
• The app became popular during the pandemic as entrepreneurs needed to quickly create product photos for their online stores.
• Photoroom has launched its own AI model called Instant Diffusion that can generate images from text prompts in just one second.
• The new funding will be used to improve the AI technology and expand the team beyond its current 60 employees.