HeyGen: AI-Based Video Generation Platform Company Closes $60 Million In Series A At Over $500 Million Valuation

By Amit Chowdhry • Jun 28, 2024

HeyGen, an AI video generation platform for businesses, raised $60M in Series A led by Benchmark with participation from Thrive Capital, BOND, Conviction, Dylan Field, Elad Gil, Aviv Nevo, Neil Mehta, and SV Angel among others.‍ And Victor Lazarte from Benchmark has joined the board of directors.

The company has also seen amazing growth:

— Over 40,000 paying companies and millions of people have used HeyGen

— Grown to over $35 million in ARR in just over a year at over a $500 million valuation

— The company has been profitable since the second quarter of 2023

HeyGen has seen solid customer growth and use cases. Just this month, McDonald’s used HeyGen for their global Sweet Connections campaign, which enabled their consumers to send videos to their family members in their native language and the Weather Channel launched a TV broadcast with a virtual weatherperson.

Plus, HeyGen has added three executives to help lead the organization through the next growth phase. Dave King, former CMO of Asana, joins as the Chief Business Officer. Rong Yan, former VP of Engineering at HubSpot, is the new Chief Technology Officer. And Lavanya Poreddy, formerly of Match Group and Meta, joins as the Head of Trust and Safety.

Through HeyGen, you can create, localize, and personalize studio-quality videos without a camera, cast, or crew. You simply type your script and generate videos for marketing, communications, sales, learning & development, and more in minutes. And HeyGen also enables you to localize existing videos into 175 languages and regional dialects with AI voice and lip sync.

Unlike traditional dubbing methods, HeyGen preserves the speaker’s natural voice and delivers it in a local language with natural lip sync. The result is an engaging, authentic, localized experience.

The company’s goal is simple: to help businesses grow by making visual storytelling accessible to all. And with this new funding, the company is accelerating the product roadmap to help the team generate even more beautiful and engaging videos, all while doubling down on investments in Enterprise Security, AI Ethics, and Trust & Safety.