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, 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...