Artificial intelligence startup HeyGen, known for its rapid creation of lifelike avatars, has successfully raised $60 million in a funding round, increasing the company's valuation to $500 million. The funding round was led by Benchmark, with additional contributions from Conviction, Thrive Capital and Bond Capital. As part of the deal, Benchmark partner Victor Lazarte will join HeyGen's board. To date, the startup has raised a total of $74 million in funding since its inception in 2020.
HeyGen is part of the growing group of startups aiming to make video creation with generative AI more affordable and accessible. Using HeyGen's technology, users can create a photorealistic avatar that can mimic their voice and translate their words into multiple languages. This advance in AI video generation tools has raised concerns about the potential rise of convincing deep fakes due to the increasing capability, affordability and accessibility of these services. However, there is also substantial demand from companies looking to explore this technology.
HeyGen's technology has been used by nonprofits and corporate entities to create in-house training videos, advertising campaigns, and interactive visual chatbots. In June, McDonald's Corp. leveraged HeyGen's technology for a promotional campaign for its Grandma McFlurry dessert. Customers were encouraged to record a video message for their grandmothers, which could then be translated into their native language while retaining the grandchild's voice. The website also suggested users buy a McFlurry in the process.
Joshua Xu, co-founder and CEO of HeyGen, highlighted the appeal of its technology, saying that while people love video, many don't like being in front of the camera or don't have the time to – it He believes that by removing the need for a camera, they can remove the barrier to visual storytelling.
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