PixVerse, a Singapore-based video generation startup, today announced the successful closure of its Series C extension round, bringing the total capital raised in this round to $439 million. The company disclosed to TechCrunch that this latest infusion of funding has propelled its valuation beyond $2 billion. With this substantial capital, PixVerse intends to significantly expand its advanced "world model" offerings and broaden its customer reach across global markets.
The company initially concluded its Series C round in March, led by CDH Investments. While the precise amount was not publicly revealed at the time, Bloomberg estimated the funding to be approximately $300 million. The extension round saw participation from a diverse group of investors, including Alibaba, Lollapalooza Capital, Ivy Capital, Grand Mount Capital, Eastern Bell Capital, Mirae Asset, BlueFocus, and CloudAlpha. These new investors join returning backers iGlobe Partners and OCBC’s LionX Ventures.
Founded in 2023 by Wang Changhu and Jaden Xie, PixVerse benefits from the founders' deep industry expertise. Changhu previously contributed to computer vision advancements at ByteDance, while Xie served as an executive director at the investment firm Lighthouse Capital.
PixVerse provides a comprehensive suite of models tailored for various applications. These include the V-Series video model, designed for consumer and API integration; the C-Series video model, optimized for professional film and commercial production workflows; and the R-Series of world models, released earlier this year, which focuses on game development and immersive world building.
Through its innovative platform, users can generate videos with resolutions up to 4K, complete with integrated audio. The startup reports a robust user base for its consumer product, boasting over 150 million registered users and more than 15 million monthly active users. While PixVerse did not disclose the number of paying subscribers, it offers a competitive rate of $4.80 per minute for image-to-video generation.
Jaden Xie expressed his conviction that despite the immense potential within the video generation sector, only a select few companies are demonstrating meaningful progress in the market.
“OpenAI exited the business when they shut down Sora 2. Other companies like Meta and Tencent are not able to create high-quality video models. So there are only a few companies that can meet the quality bar,” he informed TechCrunch, underscoring the scarcity of top-tier solutions.
Xie further elaborated that he perceives substantial and equal opportunities across both consumer and enterprise markets. He noted that consumers are increasingly creating videos for leisure and engaging with AI-generated short-form content, while businesses are leveraging video generation for diverse applications spanning creative endeavors, educational content, and marketing campaigns.
However, simply claiming "high-quality" output is a common assertion in the competitive tech landscape. Xie emphasized that PixVerse’s distinctive edge lies in its sophisticated data labeling methodology.
“We think the key difference is not in data, but how you label it, because data is available everywhere. My co-founder worked at ByteDance, where he built core visual understanding technology behind TikTok using AI. Using this tech, TikTok was able to label data accurately, and build a strong recommendation algorithm. This experience comes in handy when building a video generation platform,” Xie explained, highlighting the critical role of precise data annotation and the co-founder's relevant background.
PixVerse harbors ambitious plans for the current year, primarily focusing on expanding its enterprise outreach globally. The startup has already secured a significant partnership with its investor, Alibaba, to integrate and deploy its video generation capabilities.
Regarding its product roadmap, PixVerse intends to launch a new V-series model for video generation and unveil an updated version of its world model within the year. The company currently employs 150 staff across its offices in Singapore, Beijing, and Shanghai. The recent funding will be instrumental in recruiting additional researchers and strengthening its go-to-market teams.
Despite PixVerse's strong confidence in its proprietary models and products, the video generation market is rapidly intensifying. The competitive landscape includes prominent players like ByteDance with its Seedance model, Dr. Wei Liu’s Video Rebirth (from the former Tencent AI head), and Kling AI from Asia. In Western markets, competitors such as Midjourney, Runway, and Luma are significant. Furthermore, numerous companies, including startups by Lann YeCunn and Fei Fei Li, are actively developing advanced world models.
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