Higgsfield announced Monday that it has raised a $400 million Series B at a $5.4 billion valuation. This new round is just eight months after nabbing a $1.3 billion valuation.  

Founded by former Snap exec Alex Mashrabov in 2023, Higgsfield lets users create AI images and videos. It made headlines this past year for premiering AI-generated movies at both Cannes and in New York. It has tools like Cinema Studio to help filmmakers direct AI films and Marketing Studio for marketing and advertising teams. In a release announcing the round, the company touted $700 million in annualized revenue and 30 million users across 200 countries. 

One growing market for the company has been enterprises. It is now working with 390 of the Fortune 500, it said. Mashrabov told TechCrunch that Higgsfield expects “enterprise adoption of video AI to become much more deeply embedded in everyday marketing and creative workflows.”

The fresh capital will fund the usual business needs like hiring and product development. But it will also help pay for compute. “Video is one of the most compute-intensive domains in AI,” Mashrabov explained. Just one minute of video is like processing 60,000 words. Securing reliable compute capacity has therefore become a necessary expense to remain competitive with others in the industry like Synthesia and Runway.

DST Global led the latest round, with many other investors piling in, including Goldman Sachs Alternatives, Valor Capital, and Tribe Capital.