HeyGen, an AI video generation platform, has announced a $60 million Series A funding round led by Benchmark, valuing the company at over $500 million. The investment comes as HeyGen reports growth from $1 million to $35 million in annual recurring revenue in just over a year, achieving profitability in Q2 2023.

The company says it aims to address the high costs and complexity of traditional video production, which can average $1,000 per finished minute. HeyGen’s AI-powered platform enables businesses to create, localize, and personalize videos without cameras, cast, or crew.

A key feature of HeyGen’s technology is its ability to localize existing videos into 175 languages and regional dialects using AI voice and lip sync. This process preserves the speaker’s natural voice while delivering content in local languages with synchronized lip movements.

HeyGen reports serving over 40,000 paying business customers globally, ranging from small to Fortune 500 companies. Notable uses of the platform include McDonald’s advertising campaigns, public remarks by the Mayor of Yokosuka, Japan, and Argentinian President Milei’s address at the World Economic Forum.

The funding round also sees the addition of three executives to HeyGen’s leadership team. Dave King, former CMO of Asana, joins as Chief Business Officer; Rong Yan, previously VP of Engineering at HubSpot, becomes Chief Technology Officer; and Lavanya Poreddy, formerly of Match Group and Meta, takes the role of Head of Trust and Safety.

HeyGen plans to use the new funding to accelerate its product roadmap, focusing on enhancing features such as Avatar Video, Video Translation, Personalized Video, and Streaming Avatar. The company also intends to increase investments in Enterprise Security, AI Ethics, and Trust & Safety.