HeyGen Raised $60M to Scale Its Avatar Generation Business

IBL News | New York

HeyGen, a startup that lets users create realistic-looking avatars, raised $60 million in a Series A funding round that values the company at $500 million.

The financing was led by Benchmark and included investors such as Conviction, Thrive Capital, and Bond Capital.

HeyGen said its ARR has grown from $1M to over $35M in a year and has been profitable since Q2 2023. It claims to host 40,000 paying business customers globally.

Founded in 2020, HeyGen is one of many startups aiming to make it cheaper and easier to create videos with generative AI.

The company provided some examples of its work: