Video generation platform Luma AI raises $900 million, valued at $4 billion

Luma AI, a US-based startup focussed on visual content generation, has raised $900 million. The round was led by Humain, a Saudi-based public investment fund (PIF), with participation from existing investors Andreessen Horowitz, Amplify Partners, and Matrix Partners.

The firm’s Indian-American CEO Amit Jain, an IITian who was formerly with Apple, told ET that the domain the company operated in is capital-intensive and requires sizable investments to scale. Sources close to the company pegged its valuation at around $4 billion.

This round comes amid…