AI video startup Higgsfield, founded by a former Snapp exec, gets a valuation of $1.3 billion.

Through an extension of its predecessor 50 million dollars Series A round that concluded in September AI video production startup Higgsfield sold another $80 million worth of stock, bringing its Series A total to $130 million. The company says it has now reached a valuation of $1.3 billion.

Higgsfield offers a tool that allows consumers, creators, and social media teams to create and edit AI-generated videos. The company was founded by Alex Masherpov, Snap’s former head of generative AI, who joined the company after it bought his company. Previous startup, AI Factory, In 2020 for $166 million. Musherbov was one of the founders of AI Factory.

Five months after Higgsfield launched its tool, it touted its 11 million users and said it was a preferred platform for content creators. Nine months later, it now has more than 15 million users and averages $200 million in annual revenue, with that number doubling from the $100 million trajectory in about two months, she says.

The startup believes this puts it in a rare growth area, ahead of companies like Lovable, Cursor, OpenAI, Slack, and Zoom, according to its report. press release.

To position itself as a lesser Back up ramp As a maker and more as a business tool, Higgsfield now emphasizes that the product is primarily used by professional social media marketers, “a major sign that adoption of the platform has evolved beyond casual content creation.”

Of course, it’s still an AI engine too. Last month, Higgsfeld was used to create a video called “Island Vacation” that depicted people named in the Epstein files alongside fictional characters on a “vacation” on Epstein’s island. (Due to its offensive nature, we will not link to X’s viral post.)

On the other hand, its users also share a lot of projects centered around fashion and Hollywood storytelling as well.

Investors in the Series A include Accel, AI Capital Partners, Menlo Ventures and GFT Ventures.