AI Video Startup Runway Valued at $3 Billion in Funding Round

Runway AI Inc. has raised $308 million in a new round of funding that more than doubles the company’s valuation — a sign of investor enthusiasm for startups building artificial intelligence software that can generate videos.

The deal, which is set to be announced Thursday, pushes Runway’s value to just over $3 billion, according to people familiar with the matter who asked not to be named because the information is private. Private equity firm General Atlantic led the round, which closed late last year. Other investors included Nvidia Corp. and SoftBank Group Corp.’s Vision Fund 2.

The New York-based company kicked ...