Higgsfield, an AI video generation startup founded by former Snap executive Alex Mashrabov, has reached a $1.3 billion valuation after securing an additional $80 million in funding. The funding, an extension to its previous Series A round, brings the company's total Series A funding to $130 million, according to TechCrunch.
Higgsfield offers an AI-powered tool designed for consumers, creators, and social media teams to create and edit videos. The company, founded by Mashrabov, former head of Generative AI at Snap, has experienced rapid growth since its launch. Mashrabov joined Snap after it acquired his previous startup, AI Factory, in 2020 for $166 million, where he was a co-founder.
According to TechCrunch, Higgsfield's tool has gained traction among social media marketers and content creators. Five months after launching its tool, the company touted 11 million users. Now, nine months in, Higgsfield boasts over 15 million users, positioning it for significant revenue growth in the rapidly evolving AI video landscape.
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