Higgsfield, a startup that lets users create AI images and videos, announced on Monday that it has raised $400 million in a Series B round at a $5.4 billion valuation. This comes just eight months after the company was valued at $1.3 billion.
Founded in 2023 by former Snap executive Alex Mashrabov, Higgsfield has gained attention for premiering AI-generated movies at Cannes and in New York. Its tools include Cinema Studio for filmmakers and Marketing Studio for marketing and advertising teams.
The company says it now has $700 million in annualized revenue and 30 million users across 200 countries. It also reports working with 390 of the Fortune 500 companies.
The fresh capital will be used for hiring, product development, and compute capacity. Mashrabov noted that video is one of the most compute-intensive areas in AI, comparing one minute of video to processing 60,000 words. Securing reliable compute is seen as necessary to compete with rivals such as Synthesia and Runway.
DST Global led the round, with participation from Goldman Sachs Alternatives, Valor Capital, and Tribe Capital.