Higgsfield has raised a whopping $400 million Series B at a valuation of $5.4 billion, marking an impressive quadrupling within eight months.

Founded by former Snap exec Alex Mashrabov, the platform allows users to create AI-generated images and videos. It’s gained traction with 30 million users across 200 countries, even nabbing a spot at Cannes for its AI movies.

The company is now working with 390 of the Fortune 500, aiming to deeply embed video AI in everyday marketing workflows. Mashrabov predicts this will become a standard part of creative processes, enhancing productivity and efficiency.

Funding will go towards hiring and product development, as well as securing reliable compute capacity – videos are resource-intensive after all. Higgsfield faces competition from Synthesia and Runway in this competitive space.

The round was led by DST Global with additional backing from Goldman Sachs Alternatives, Valor Capital, and Tribe Capital. As AI continues to revolutionise industries, Higgsfield is leading the charge.