(Reuters) – Promise, backed by former News Corp (NASDAQ:NWSA) President Peter Chernin and venture capital firm Andreessen Horowitz, will produce films and series using generative AI tools, the company said on Tuesday.

The startup, launched on Tuesday, said the announcement marks the culmination of a fundraising round.

Hollywood studios have been exploring ways to incorporate GenAI tools to reduce costs and speed up the content creation process.

Promise — founded by Fullscreen CEO George Strompolos, former YouTube executive Jamie Byrne and AI artist Dave Clark — aims to capitalize on the GenAI boom and said that it was working with Hollywood stakeholders to create a multi-year lineup of content.

The startup said it was developing a production software for artists called Muse, which will integrate GenAI throughout the process of producing movies and shows.

In February, ChatGPT-developer OpenAI introduced Sora, a tool capable of generating feature film-like quality videos from text inputs, prompting Hollywood executives and agents to meet the Microsoft-backed company to discuss potential creative collaborations.

Meanwhile, Adobe (NASDAQ:ADBE) said last month it has started publicly distributing an AI model that can generate video from text prompts.