HeyGen raised $60M in funding
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HeyGen Raises $60M Series A to Scale Visual Storytelling for Businesses

June 20, 2024

We live in a video-first world. Collectively, we watch more than 1B hours of YouTube videos every day and the average person consumes 17 hours of video per week. Whether we want to learn a new skill or be entertained, video is today’s most engaging form of visual storytelling.

Businesses want to engage their audiences with video but are held back by the cost and complexity of video production. Traditional methods can take weeks or months to script, cast, scout, produce, post-produce, localize, and re-shoot videos. Costs average about $1,000 per finished minute of video, with high production value videos costing significantly more. Companies struggle to scale traditional methods of video production.

Fortunately, there is a better way – AI video generation. HeyGen is the AI video generation platform designed to grow your business. With HeyGen, you can create, localize, and personalize studio-quality videos without a camera, cast, or crew. Simply type your script and generate videos for marketing, communications, sales, learning & development, and more in minutes. HeyGen also allows you to localize existing videos into 175 languages and regional dialects with AI voice and lip sync. Unlike traditional dubbing methods, HeyGen preserves the speaker’s natural voice and delivers it in a local language with natural lip sync. The result is an engaging, authentic, localized experience. 

Our mission is simple: to help businesses grow by making visual storytelling accessible to all. Whether you work at a small business or an international non-profit or a Fortune 500 company,  if your business has a story to tell, HeyGen can help. 

To help us continue to pursue this mission, we’re happy to share that HeyGen has raised $60M in Series A funding, led by Benchmark, with Victor Lazarte joining the board. We’re also proud to partner with new and returning investors including Thrive Capital, BOND, Conviction, Dylan Field, Elad Gil, Aviv Nevo, Neil Mehta, and SV Angel among others.

The financing comes during a period of remarkable growth. We have grown from $1M to over $35M in ARR in just over a year and have been profitable since Q2 2023. The financing values the company at more than $500M and is a testament to the hard work and dedication of our team members based in LA, San Francisco, Palo Alto, and Toronto. 

We have also added three executives to help lead the organization through our next phase of growth. Dave King, former CMO of Asana, joins us as our Chief Business Officer. Rong Yan, former VP of Engineering at HubSpot, is our new Chief Technology Officer. And Lavanya Poreddy, formerly of Match Group and Meta, joins us as our Head of Trust and Safety, ensuring that integrity and ethics remain at the core of everything we do.

The most rewarding part of this journey has been seeing the impact HeyGen has had on more than 40,000 paying business customers globally. What’s so interesting about our customers is that they are not typical AI early adopters – these are Main Street companies ranging from European manufacturers to small businesses, to global non-profits, to Fortune 500 companies, which speaks to the problem we’re solving. We’re honored to help businesses tell stories like:

What’s Next for HeyGen?

With this new funding, we're accelerating our product roadmap to help your team generate even more beautiful and engaging videos, all while doubling down on investments in Enterprise Security, AI Ethics, and Trust & Safety.

Stay tuned for new features coming to Avatar Video, Video Translation, Personalized Video, Streaming Avatar, and several special surprises. 

We are in a golden age of visual storytelling and we’re committed to pioneering ways to help organizations tell their stories in the most compelling way possible. 

Thank you for your support. We’re just getting started. 💜

P.S. We’re looking for great people to join us on our mission. Check out our open roles at heygen.com/careers