The company is focusing on the business market, providing a solution for the creation of marketing, training, and how-to videos. However, it also hopes to gain traction with content creators on YouTube and TikTok. Despite competition from other AI-for-video startups, HeyGen plans to distinguish itself with features like avatar personalization. The company is also planning to double its headcount over the next year, with a focus on pursuing enterprise business contracts.
Key takeaways:
- HeyGen, an AI-powered video creation app, has reached $18 million in annual recurring revenue and is valued at $75 million.
- The company recently raised $5.6 million in new venture capital funding led by Sarah Guo’s Conviction Partners.
- HeyGen is launching a new product that will make it easier for people to create custom AI avatars for its videos, which can be generated using smartphone footage in just five minutes.
- HeyGen is focusing on the business market, particularly for marketing, training, and how-to videos, but also hopes to gain traction with content creators on YouTube and TikTok.