Promise, a Generative AI Studio Startup, Raises Seed Funding From Peter Chernin, Andreessen Horowitz: ‘This Is a Transformational Moment in Entertainment’

variety.com:

Todd Spangler NY Digital Editor Is generative artificial intelligence Hollywood’s friend or foe? A new studio venture, which has received backing from Peter Chernin and venture-capital firm Andreessen Horowitz, is enthusiastically in the latter camp — embracing gen AI as a power tool for creatives.

Promise says it will produce films and TV shows and “pioneer new formats, empowering both gen AI artists and established Hollywood talent to bring ambitious, creative visions to life.” A key piece of the startup’s business model is proprietary software that will facilitate “a reimagined production process.” The company’s trio of founders have digital-media bona fides: CEO George Strompolos is the former founder of creator network Fullscreen; president/COO Jamie Byrne, a YouTube content executive who helped launch the platform’s creator revenue-sharing program; and chief creative officer Dave Clark, a marketer, commercial director and AI filmmaker includes short film “Battalion,” following the only Black unit to arrive on Omaha Beach in Normandy during World War II.

Based in L.A.’s Venice neighborhood, Promise raised a seed round of funding from Peter Chernin’s North Road Co. studio and Andrew Chen of venture-capital firm Andreessen Horowitz (a16z).

The amount of the investment is not being disclosed. Currently, Promise has combination of about 10 full- and part-time employees.