VFX company DNEG's AI unit Brahma, whose customers include Warner Bros. and the NBA, raised $150M led by Indian PE firm Multiples at a $2B post-money valuation
Context & Ripple Effects
DNEG had already raised $200 million in 2024 to expand Brahma and develop an AI-powered photoreal CGI creator, making the new round a follow-on to its earlier Brahma expansion strategy. Brahma enters the financing with Warner Bros. and the NBA named as customers, connecting its AI work to established media buyers rather than a standalone research effort.
The $150 million Multiples-led round values Brahma at $2 billion post-money. Its broad pickup across business, media, and technology outlets underscores investor attention to an enterprise-media AI supplier backed by a VFX parent.
First-order effects
- Brahma gains $150 million to fund its enterprise media AI business, while Multiples takes a financial stake at a $2 billion post-money valuation.
- DNEG gains a separately financed vehicle for Brahma, whose customer roster includes Warner Bros. and the NBA.
Second-order effects
- Brahma's added capital strengthens its ability to sell AI content tools to media and sports buyers, raising the competitive bar for providers pursuing the same enterprise budgets.
- Multiples’ lead role gives Indian private equity a direct position in AI content commercialization, extending the investor base beyond DNEG’s prior Abu Dhabi-backed expansion funding.
Third-order effects
- If follow-on rounds continue to separate AI units from their production-service parents, media AI businesses may be valued and financed as standalone enterprise software platforms rather than as internal VFX capabilities.
- The deal points to a broader financing split within AI: infrastructure attracts dedicated pools such as KKR’s Helix Digital, while application-layer companies seek capital on the strength of commercial customers and distribution.
The trend: AI content commercialization is drawing standalone growth capital as media-production companies turn internal AI initiatives into enterprise-facing businesses.