California-based, HeyGen, a video generation platform that uses AI to generate videos and avatars, raised $60 million led by Benchmark on a post-money valuation of $500 million in a Series A.
Conviction, Thrive Capital, Bond Capital, BOND, and others actively backed the round. After the round, Benchmark Victor Lazarte joined the board of directors.
CEO of HeyGen, Joshua Xu said that the funds raised will enable expansion, marketing, and HeyGen platform development that will help businesses to create personalized videos from text.
HeyGen AI $60M By Benchmark At $440M Reported By China Information
According to The Infomation, HeyGen raised money at $440 million pre-investment values, and after this round, the funds brought in by HeyGen are $74 million.
HeyGen is a text-to-video, text-to-photo AI platform. It allows users to translate existing video clips in 175 languages with an AI voice translator and lip sync.
Moreover, HeyGen AI has more than 40,000 active paying customers. The ARR of HeyGen has grown over $35 million in a year and the company has been profitable since 2023, 2nd quarter. Also, HeyGen 5.0 brings ex-Asana CMO, Dave King as Chief Business Officer, ex-Meta Lavanya Poreddy as Head of Trust and Safety, and HubSpot ex-VP, Rong Yan as Chief Technology Officer.
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