
HeyGen, an AI video startup, has just secured $60 million in Series A funding, valuing the company at a remarkable $500 million.
This funding round, led by Benchmark and supported by Thrive Capital, BOND, and Conviction, marks a significant leap from HeyGen’s previous valuation of $440 million just a few months ago.
🌟 We’re so excited to announce our $60M Series A led by @benchmark!
— HeyGen (@HeyGen_Official) June 20, 2024
This funding accelerates our mission of making visual storytelling accessible to all. pic.twitter.com/12Pebhkc3x
HeyGen is revolutionizing visual storytelling by enabling businesses of all sizes to create, localize, and personalize high-quality videos without the need for traditional production resources.
As CEO Joshua Xu puts it, “We’re breaking down the barriers to video production, making it possible for anyone with a story to tell.”
The startup’s growth has been nothing short of explosive, with annual recurring revenue soaring from $1 million to over $35 million in just over a year. HeyGen has also been profitable since Q2 2023, a notable achievement in today’s tech scene.
The financing comes during a period of remarkable growth.We have grown from $1M to over $35M in ARR in just over a year and have been profitable since Q2 https://t.co/j4ErH1tsT3’s our CEO “@Joshua_Xu_” to share more 📷 pic.twitter.com/JdgiiJIm8U
— HeyGen (@HeyGen_Official) June 20, 2024
HeyGen’s technology is already making waves across various industries. From McDonald’s “Grandma McFlurry” campaign to investor communications for Wisetech Global, and even political addresses by figures like the Mayor of Yokosuka and Argentine President Milei, the platform’s versatility is clear.
Moreover, HeyGen can localize existing videos into 175 languages and dialects, preserving the original speaker’s voice and syncing their lips to the new language, opening global doors for businesses.
With the fresh funding, HeyGen aims to enhance its product roadmap, focusing on Enterprise Security, AI Ethics, and Trust & Safety.
The company has also added three new executives, including Dave King as Chief Business Officer and Rong Yan as Chief Technology Officer, to steer its next growth phase.
HeyGen is addressing AI-generated video concerns by requiring verbal consent, a spoken password for avatar creation, and employing human moderators to prevent misuse.
Their proactive stance on ethical AI use, coupled with their impressive growth and innovation, positions them as a key player in the future of visual storytelling.