HeyGen Review — The AI Avatar Platform That Hit $100M ARR by Replacing Your Video Studio

Two Carnegie Mellon alumni launched HeyGen in 2020 as a spokesperson video tool, rebranded twice, and by October 2025 had crossed $100M ARR with a $500M valuation — profitable since Q2 2023. We review the Avatar V technology, the viral video translation feature, the official MCP server, and whether HeyGen's business-video-without-a-camera model holds up against Synthesia, D-ID, and a field moving fast.