Brahma AI raises $150M at a $2B valuation from Multiples

Prime Focus-backed Brahma AI has raised $150 million at a $2 billion post-money valuation in a round led by Multiples Alternate Asset Management, which invested $100 million through preferred shares. Prime Focus disclosed the transaction to Indian stock exchanges on September 23, according to Moneycontrol.

Brahma AI has also received a further $100 million of investor interest and will consider expanding the round to accommodate some or all of that demand, the company said in a statement reported by Moneycontrol. The overall round may conclude at about $200 million, Brahma told Mint, whose reporting was syndicated by TradingView. The transaction is subject to customary approvals.

According to a separate exchange filing reported by Moneycontrol, the $100 million from Multiples splits across two entities of Brahma's corporate structure: Multiples Private Equity Gift Fund IV agreed to subscribe to $54.36 million of compulsorily convertible preference shares in Brahma AI Holdings, and Multiples Private Equity Fund IV agreed to $45.64 million in Brahma India, another Prime Focus subsidiary. Prime Focus shares fell 4% on the National Stock Exchange the morning the filing was disclosed, Moneycontrol reported.

Brahma AI builds what it calls an AI-native operating system for enterprise audiovisual content. Its platform pairs Brahma AI Core, a content intelligence and asset-management layer, with Brahma AI Studio, which spans visual AI, digital humans, voice and multilingual performance, according to the company's press release and its own site. Its digital-human product, ATMAN, generates what the company calls photoreal avatars for enterprise presentations, marketing and training, and its voice and localization product is called VAANI. Global anchor customers include Warner Bros, the NBA and Mayo Clinic, with strategic distribution partners Google, Japan's Hakuhodo and visual-effects house DNEG, per the release. The company said its visual-AI facial-replacement technology won a 2026 Technology & Engineering Emmy Award.

"Brahma AI is reimagining the content supply chain in the age of AI," Renuka Ramnath, founder, MD and CEO of Multiples, said in a statement. "Our investment is anchored in the belief that every enterprise is becoming a content enterprise." Prabhu Narasimhan, Brahma AI's founder and CEO, said in a separate statement reported by Moneycontrol: "We are shortly launching interactive digital humans, we are building Brahma to be model agnostic, and we are taking our technology into entirely new use cases across sports, healthcare and advertising." Cantor Fitzgerald & Co. served as sole placement agent on the financing.

Brahma plans to use the capital for research and development, an expanded presence in the San Francisco Bay Area and a larger global sales operation, according to the release and Moneycontrol's reporting.

The new valuation is up from the $1.43 billion Prime Focus disclosed after a round led by Abu Dhabi's United Al Saqer Group in February 2025. Brahma AI was assembled from the technology stacks of DNEG, Metaphysic and Prime Focus Technologies under Narasimhan; its co-founder and chief technology officer, Jo Plaete, leads the company's technology and R&D division. Prime Focus said it will remain Brahma's largest economic shareholder, holding about 66% economic ownership through subsidiary Double Negative Holdings after accounting for dilution from the fundraising, an employee stock option pool and founder equity.

On a pro-forma basis for the businesses brought together to form Brahma, revenue was about $45 million in 2024 and $74 million in 2025, and is tracking above $130 million in 2026, according to figures Brahma gave Mint. About 80% of that revenue comes from 24 large enterprise customers with relationships typically running three to five years, and the company said it has high gross margins and is close to break-even despite continued investment in R&D and growth.

Brahma's peers in AI-generated content include Synthesia, HeyGen, ElevenLabs and Runway, according to online reports cited by Mint; none of those comparisons carries sourced figures of its own. The global AI-generated content market was worth roughly $12.9 billion to $14.8 billion in 2024 and is projected to reach $53.8 billion to $80.1 billion by the early 2030s, per estimates from Grand View Research that Mint cited.

Brahma said it is finalizing allocations and documentation for the round, with the possibility of an upsized close near $200 million.