Higgsfield, the AI video startup founded by former Snap generative AI chief Alex Mashrabov, has raised $400 million at a $5.4 billion valuation.
Goldman Sachs, DST Global, Liberty Global and Intel led the round, with Tribe Capital, Smash Capital, Fifth Wall, Valor Capital, Mirae Asset Capital and NTT DOCOMO Ventures also participating. The valuation is roughly four times where the company stood in January, when it closed an $80 million Series A extension.
Higgsfield’s contrarian bet was to skip training its own flagship video model and instead stitch together external models with a workflow that lets users keep reworking a clip. The platform launched publicly in 2025 and now counts more than 15 million users across 240 countries, with businesses generating the majority of revenue, up from under a quarter in January. Annualized revenue has reached about $500 million, according to the company.
The funding lands in a market that has thinned out. Western rival Runway raised $315 million at a $5.3 billion valuation in February before pivoting toward robotics and medicine, while China’s Kling pulled in nearly $3 billion at an $18 billion valuation.
Higgsfield says the new capital will go toward enterprise products, security and compute, the costliest constraint in a field where video generation burns far more processing power than text.
