Higgsfield is one of the key portfolio holdings in the DVC AI Fund, in which Seven Rivers Capital invested one year ago.
Higgsfield Inc., an AI video startup founded by a former Snap Inc. executive, said it has attracted investment from Nvidia Corp. and TCV to help fund global infrastructure and hiring to capture growing demand.
The San Francisco-based company has the majority of its engineering talent in Kazakhstan, and its announcement is part of Nvidia Chief Executive Officer Jensen Huang’s visit to the country. Billing itself as a specialist service for brands and creators looking to generate media and content at scale, Higgsfield said its registered users have grown to more than 40 million. The new funding is part of an extension to its Series B round in August, which raised $400 million at a $5.4 billion valuation led by DST Global. Higgsfield didn’t disclose the latest valuation or the size of the extension.
Video generation with artificial intelligence tools is notoriously capital-intensive, but startups in this sector have shown user engagement and drawn investor interest. China’s Kling AI, owned by Kuaishou Technology, this summer raised $2.8 billion at about a $15 billion valuation. Higgsfield’s US rival Runway AI Inc. raised $315 million at a $5.3 billion valuation in February, which also had Nvidia participating.
Paying customers are increasingly joining AI video services like Higgsfield, which said it had added 10 million since its summer fundraising. TCV, a growth-stage fund that’s previously backed Netflix Inc., Spotify AB and ByteDance Ltd., said it’s investing in the AI video startup because it’s shown “a radically faster, professional-grade and AI-native mechanism for creators, brand marketers and agencies alike to turn ideas into images and video.”
Founded in 2023 by former Snap executive Alex Mashrabov and Kazakhstani AI engineer Yerzat Dulat, Higgsfield’s AI video-generation platform is on track to surpass $1 billion in annualized revenue based on its current performance, Mashrabov said last month.
Higgsfield serves as a platform to access about 35 AI video models from other providers along with its own AI engine, allowing creators to access and combine those competing technologies. Users can select different models for various parts of a production, from storyboarding and character creation to audio and finished video.
