Singapore-based 1982 Ventures has backed US artificial intelligence startup Higgsfield in its $400-million Series B round.
The financing, led by DST Global, valued Higgsfield at $5.4 billion, more than four times its reported $1.3-billion valuation in January this year.
1982 Ventures participated through Fund II, while investors in the firm’s network were also offered co-investment access to the round, the Singapore-based fund manager said on Wednesday. It did not disclose the size of its investment.
Other new investors in the round included Goldman Sachs Alternatives, Tribe Capital, Smash Capital, Fifth Wall, Valor Capital, Intel Capital, Liberty Global Tech Ventures, Mirae Asset Capital and NTT DOCOMO Ventures.
Existing backers including Accel, Menlo Ventures, AI Capital Partners, GFT Ventures, Capra Ventures, BAM Corner Point and BroadLight Capital also participated.
Higgsfield develops generative AI tools used to create videos and images for creators and businesses. The company said it had reached $700 million in annualised revenue as of August, although it did not disclose audited financial figures.
The startup counts the US as its largest market and says it has more than 30 million users globally. It also claims its technology is being used by 390 Fortune 500 companies.
The deal comes amid a broader surge in AI funding across Asia. Startups across Greater China, India and Southeast Asia had raised at least $20.3 billion in disclosed capital by mid-June, based on 474 AI deals compiled by DealStreetAsia.
Greater China accounted for about 90% of that total, underscoring both the scale of its funding market and the depth of its AI ecosystem.
At the same time, investors have become more selective about what qualifies as an attractive AI investment. Artificial intelligence continues to dominate startup fundraising pitches, but founders who recently raised capital told DealStreetAsia that investors are increasingly reluctant to pay simply for the AI label.
That shift is showing up in due diligence, where investors are asking tougher questions about revenue quality, customer adoption and whether AI products can demonstrate meaningful traction beyond headline growth.
For 1982 Ventures, which has historically focused on early-stage fintech and technology investments in Southeast Asia, the Higgsfield deal gives Fund II exposure to a later-stage AI company operating well beyond the region.
“Higgsfield is exactly the kind of company we look for: a generational business being built at the leading edge of AI, with real revenue and real enterprise adoption behind it,” said Herston Powers, founding managing partner at 1982 Ventures.
Higgsfield said it will use the proceeds to expand research and development, infrastructure, AI hiring and global sales.
