TLDR: HeyGen Raises US$60 Million in Funding
HeyGen, an AI start-up, raised $60 million in its series A funding round led by Benchmark. The company, previously known as Surreal, rebranded itself as HeyGen after relocating to Los Angeles. This move allowed the company to pivot away from mainland China investors amid political tensions. HeyGen’s latest funding round valued the company at $500 million.
Key Points
- HeyGen raises $60 million in funding round led by Benchmark
- HeyGen pivots away from mainland China investors and rebrands after relocating to Los Angeles
- The company focuses on US enterprise clients and offers a platform for creating interactive virtual AI sales representatives
Generative AI start-up HeyGen recently raised $60 million in its series A funding round, led by San Francisco-based venture capital firm Benchmark. The company, previously known as Surreal and based in Shenzhen, rebranded as HeyGen after relocating to Los Angeles. This move allowed HeyGen to pivot away from its mainland China investors, including IDG Capital and Baidu Ventures, in an effort to cut ties to the mainland.
HeyGen’s latest funding round valued the company at $500 million, and included investors such as Thrive Capital, BOND, and Conviction. The company offers a platform for creating avatars that can engage customers, provide interactive education, and facilitate market research for enterprises. HeyGen’s Streaming Avatar API enables organisations to create virtual AI sales representatives with humanlike presence.
By moving its headquarters to the US and cutting ties with Chinese investors, HeyGen aims to avoid restrictions on obtaining advanced semiconductors used for training AI systems. The company primarily targets US enterprise clients such as Salesforce, Nvidia, and Amazon.com. HeyGen offers free services and paid subscriptions starting at $24 per month, with approximately 40,000 paying customers.
The platform allows users to create studio-quality videos without the need for a camera, cast, or crew. Customers range from European manufacturers to small businesses and global non-profits, showcasing the widespread appeal of HeyGen’s AI solutions. HeyGen’s focus on providing practical AI tools for a diverse range of customers sets it apart in the market.
