Higgsfield raised $400 million in a Series B round led by DST Global, valuing the AI video and image generation startup at $5.4 billion, TechCrunch reported.
The valuation is more than four times the $1.3 billion Higgsfield was worth in January, according to SiliconANGLE. Goldman Sachs Alternatives, Tribe Capital, Valor Capital and more than half a dozen other investors joined the round, SiliconANGLE reported.
Higgsfield said its annualized revenue reached $700 million this month, up from $20 million a year earlier, according to SiliconANGLE. The company serves more than 30 million users across 238 countries and counts 390 Fortune 500 companies as customers, SiliconANGLE reported.
Founder and chief executive Alex Mashrabov, a former Snap executive, said video remains one of the most compute intensive domains in AI, noting that a single minute of video requires processing equivalent to 60,000 words of text, according to TechCrunch.
The jump from $1.3 billion to $5.4 billion in eight months tracks a pattern this year of AI application companies with real revenue commanding prices closer to infrastructure providers. For founders raising in adjacent categories, the roughly eightfold revenue multiple here is the number to benchmark against.