Higgsfield AI: A New Unicorn in DVC’s Portfolio

Higgsfield AI, a portfolio company of the DVC fund, has officially surpassed a $1 billion valuation. Setting a global record for revenue growth, the company reached a $200M run-rate from scratch in record time. This marks the fourth unicorn for DVC within its first four years of operations.

Background and Team

The project was launched in 2023 by serial entrepreneur Alex Mashrabov (ex-Snap) and Yerzat Dulat, a researcher from Kazakhstan and an expert in Reinforcement Learning (RL).

DVC founder Nick Davydov introduced the co-founders after a trip to Kazakhstan, recognizing the potential in their synergy. Although the AI-video market was still emerging during the first year and the team was iterating through various hypotheses, DVC continued to support the project, betting on the founders' exceptional engineering efficiency.

The Path to Scaling

The team addressed a specific pain point for small and mid-sized advertisers: the high cost of producing video creatives for A/B testing.

In 2025, driven by AI model advancements and a proprietary approach to training algorithms based on real-world performance, the company entered a phase of explosive growth:

• Revenue surged from $150K per month to $1M per day
• In December alone, the company grew by another 60%.

Value for Investors

In 2025, Raison committed $6 million to DVC as part of our fund-of-funds strategy. This step reflects our approach to selecting managing partners: we bet on teams with deep engineering expertise and early-stage access to talent. This approach enables us to identify technological projects with global leadership potential.