AI video and image creation platform Higgsfield has raised $400 million in a Series B funding round at a $5.4 billion valuation, Qazinform News Agency correspondent reports.
The round was led by DST Global and included investments from Tribe Capital, Growth Equity at Goldman Sachs Alternatives, Smash Capital, Fifth Wall, Valor Capital, Intel Capital, Liberty Global Tech Ventures, Mirae Asset Capital and NTT DOCOMO Ventures. Existing investors also participated.
Supermodel and impact investor Natalia Vodianova will serve as an advisor to Higgsfield, bringing more than 25 years of experience in the fashion, beauty and creative industries. She said the platform gives people with creative ideas access to tools that were previously difficult or expensive to use.
"Somewhere right now there is a young person with an extraordinary eye and no budget. Higgsfield gives them amazing tools to tell their story. It puts the power in the hands of the creative. I believe this is the future," said Vodianova.
The new funding more than quadruples Higgsfield's valuation from $1.3 billion at the time of its Series A round and extension. The company also said its annualized revenue has reached $700 million this month.
The company has more than 30 million users across 238 countries and territories, with the United States its largest market. It provides AI tools for visual content creation and counts 390 Fortune 500 companies among its customers.
The funding will be used for research and development, global infrastructure, AI talent recruitment and international expansion.
Higgsfield was co-founded by Mashrabov, who previously co-founded AI Factory, the computer vision company behind Snapchat's Cameos and face filters. Snap acquired AI Factory in 2019.
Earlier, Qazinform News Agency reported on a new psychological fear linked to AI.