Singapore-based video-generation startup PixVerse has raised $439 million in a Series C extension, pushing its valuation past $2 billion. The company plans to use the funds to expand its "world model" offerings and grow its customer base internationally, as competition in AI video generation intensifies from rivals such as ByteDance, Kling AI, Runway and Midjourney.

The extension follows an initial Series C round closed in March, led by CDH Investments and reported at around $300 million. New backers in this round include Alibaba, Mirae Asset and BlueFocus, alongside returning investors iGlobe Partners and OCBC's Lion X Ventures. Founded in 2023 by ex-ByteDance engineer Wang Changhu and former Lighthouse Capital executive Jaden Xie, PixVerse says its consumer product has over 150 million registered users and 15 million monthly active users, and it plans to hire more researchers and expand enterprise partnerships, including with investor Alibaba.