Los Angeles-based Moonvalley has successfully raised $70 million in seed funding, co-led by General Catalyst and Khosla Ventures. The company specializes in developing advanced generative AI models and tools specifically for enterprise video applications. This funding marks a significant milestone for Moonvalley as it aims to enhance the capabilities of video production through innovative AI technology. Additionally, the entertainment landscape is witnessing the emergence of Promise AI, a new studio focused on integrating generative AI into film and television. Founded by industry veterans George Strompolos, Jamie Byrne, and Dave, Promise AI is positioned to leverage cutting-edge AI artistry and storytelling in its projects. The convergence of technology and creative storytelling is expected to unlock new possibilities in the entertainment sector.