{
  "meta": {
    "generated": "2026-10-20",
    "count": 90,
    "license": "CC BY 4.0 — attribute \"MRR Ledger\" with a link",
    "docs": "https://mrrledger.com/for-agents/",
    "tiers": {
      "venture": {
        "label": "Venture-backed",
        "note": "Has raised outside venture funding (e.g. Y Combinator or VC rounds). Says nothing about revenue size."
      },
      "indie": {
        "label": "Indie",
        "note": "Bootstrapped or founder-funded; no venture round on record. Says nothing about revenue size."
      },
      "experiment": {
        "label": "Experiment",
        "note": "Agent-run or research experiment rather than a conventional company."
      }
    },
    "tier_note": "Tier is about funding, not size: Venture-backed = raised outside venture money (even at under $1M annualized); Indie = bootstrapped or founder-funded; Experiment = agent-run or research project.",
    "source_sync_stale_note": "source_sync_stale_since (YYYY-MM-DD) = the source page says its live data connection (e.g. a TrustMRR Stripe key) stopped; value is the last synced figure, dated that day.",
    "endpoint": "/api/v1/compare.json"
  },
  "a": {
    "slug": "gamma",
    "name": "Gamma",
    "category": "content-media",
    "tier": "venture",
    "tier_label": "Venture-backed",
    "tier_note": "Has raised outside venture funding (e.g. Y Combinator or VC rounds). Says nothing about revenue size.",
    "one_liner": "AI agentic creator for presentations, websites, and social posts.",
    "business_model": "Freemium subscription SaaS",
    "founded": 2020,
    "annualized_revenue_usd": 100000000,
    "annualized_revenue_basis": "ARR",
    "confidence": null,
    "source_sync_stale_since": null,
    "lessons": [
      "Profitability at $100M ARR with a tiny team is a strong indie-leaning VC story.",
      "Content agents monetize freemium at huge user bases."
    ],
    "url_profile": "https://mrrledger.com/b/gamma/",
    "growth_series": [],
    "verified_corroboration": null
  },
  "b": {
    "slug": "heygen",
    "name": "HeyGen",
    "category": "content-media",
    "tier": "venture",
    "tier_label": "Venture-backed",
    "tier_note": "Has raised outside venture funding (e.g. Y Combinator or VC rounds). Says nothing about revenue size.",
    "one_liner": "AI video platform whose Video Agent writes the script, picks visuals and adds a voiced avatar, turning a prompt or document into a finished video.",
    "business_model": "Self-serve subscriptions for creators and small businesses plus enterprise plans (training, sales enablement, localization) and a developer API. Caveat: most revenue comes from the broader AI-video product (avatars, translation); the autonomous Video Agent and MCP are newer layers, so treat the ARR as an AI-video company that is moving agentic, not as pure agent revenue",
    "founded": 2020,
    "annualized_revenue_usd": 200000000,
    "annualized_revenue_basis": "ARR",
    "confidence": null,
    "source_sync_stale_since": null,
    "lessons": [
      "Build in public on the way up: HeyGen shared its $1M ARR milestone in April 2023 and its playbook at $100M, and that openness doubled as distribution.",
      "Capital efficiency is a story you can sell: the company says it makes about $2.70 of ARR per $1 of equity raised and leads its $200M announcement with that, not with a valuation."
    ],
    "url_profile": "https://mrrledger.com/b/heygen/",
    "growth_series": [
      {
        "as_of": "2023-04",
        "annualized_usd": 1000000,
        "label": "ARR",
        "value_usd": 1000000,
        "value_text": "first reached $1M ARR in April 2023 (as stated by CEO Joshua Xu, Oct 2025)",
        "source_url": "https://www.linkedin.com/posts/buffxz_building-in-the-ai-era-the-heygen-way-activity-7384603928413392896-0I3t",
        "source_name": "Joshua Xu (HeyGen CEO) on LinkedIn, Oct 2025",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2025-10",
        "annualized_usd": 100000000,
        "label": "ARR",
        "value_usd": 100000000,
        "value_text": "$100M ARR in October 2025, 29 months after reaching $1M (CEO Joshua Xu, LinkedIn)",
        "source_url": "https://www.linkedin.com/posts/buffxz_building-in-the-ai-era-the-heygen-way-activity-7384603928413392896-0I3t",
        "source_name": "Joshua Xu (HeyGen CEO) on LinkedIn, Oct 2025",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      },
      {
        "as_of": "2026-06-25",
        "annualized_usd": 200000000,
        "label": "ARR",
        "value_usd": 200000000,
        "value_text": "surpassed $200M ARR, doubling in eight months; about $2.70 of ARR per $1 of equity raised; 30M+ users, 118M+ videos (company release, Jun 25 2026)",
        "source_url": "https://www.heygen.com/blog/heygen-surpasses-200m-arr",
        "source_name": "HeyGen: Doubles to $200M ARR in Eight Months (Jun 25 2026)",
        "confidence": null,
        "annualization": null,
        "source_sync_stale_since": null
      }
    ],
    "verified_corroboration": null
  },
  "diff": {
    "annualized_a": 100000000,
    "annualized_b": 200000000,
    "ratio": 0.5,
    "same_category": true,
    "same_tier": true,
    "same_slug": false
  }
}