Hey Gen, an AI video generation platform, has successfully raised $60M in a Series A funding round, boosting the company's valuation to more than US$500 million.

The round was led by Benchmark, with Victor Lazarte joining the company's board. Other investors include Thrive Capital, BOND, Conviction, Dylan Field, Elad Gil, Aviv Nevo, Neil Mehta, and SV Angel.

The company's annual recurring revenue (ARR) has grown from $1M to over $35M in just over a year, with profits in the green since Q2 2023.

In addition to the funding, Hey Gen has also announced the appointment of Dave King as Chief Business Officer, Rong Yan as Chief Technology Officer, and Lavanya Poreddy as Head of Trust and Safety.

The new funding will be used to accelerate the company's product roadmap and double down on investments in Enterprise Security, AI Ethics, and Trust & Safety.

Hey Gen has global customer base of more than 40,000 paying businesses, including Main Street companies, European manufacturers, small businesses, global non-profits, and Fortune 500 companies.