ElevenLabs, an AI voice technology startup, raised $80 million in Series B funding, fortifying its position as a leader in synthetic voice technology and enabling strategic partnerships to enhance language capabilities and drive innovative product developments.
The investment, co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross, has propelled the valuation of the NYC-based voice technology research company to over $1 billion. ElevenLabs has now accumulated a total funding of $101 million. The funds will be channeled toward refining the innovative AI technology, ensuring secure deployment, and expanding the platform’s language capabilities.
“This new funding enables us to take on even bigger challenges and focus on maintaining our competitive edge in research and product development,” said ElevenLabs Chief Technology Officer Piotr Dąbkowski.
Series B Funding and Key Investors
The latest funding round, co-led by renowned investors including Andreessen Horowitz, Nat Friedman, and Daniel Gross, with participation from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures, underscores the growing confidence in ElevenLabs’ potential. T
The injection of capital will not only bolster the company’s product offerings but also facilitate the safe and strategic advancement of its AI voice technology.
ElevenLabs’ generative voice AI generator platform has found diverse applications across various sectors. From empowering creators for enhanced audience experiences in voiceovers and AI dubbing to broadening access to education, the technology has made significant strides in audiobook publishing, entertainment, and personal use.
Notably, the platform has garnered attention from major players, with employees at 41 percent of Fortune 500 companies utilizing ElevenLabs’ technology.
Strategic Partnerships and Sector Expansion
In 2023, ElevenLabs expanded its presence in publishing, gaming, media, and conversational AI, forging B2B partnerships with notable entities.
A few of these organizations are Curio, FlowGPT, SimpleTalk AI, Ollang, VoiceDrop, Vana, Infinitus AI, Wondershare Filmora, Futuri Media, TheSoul Publishing, Paradox Interactive, NetEase, and Inworld AI. Storytel is another one of these organizations.
Alongside the Series B announcement, ElevenLabs is unveiling several impactful product developments like the Dubbing Studio workflow that allows users to dub entire movies edit transcripts, translations, and timecodes, providing enhanced control over content production.
Similarly, the Voice Library marketplace creates a secure platform for users to earn from AI versions of their voices. Additionally, an early preview of the Mobile App reader promises instant conversion of text and URLs into audio, facilitating on-the-go access to content.
Voice Cloning and Customization Features
ElevenLabs offers a voice cloning feature for companies requiring more customization. Users can upload short speech samples, enabling the platform to mimic the speaker.
Supporting over two dozen languages and a myriad of accents, the platform not only adapts voices to new languages but also translates existing speech recordings while preserving the original speaking style. Users have the flexibility to adjust AI-generated voices using a point-and-click customization panel.
Since its launch in 2022, users have generated over 100 years of audio, and the company has grown from 5 to 40 employees. ElevenLabs plans to increase its headcount to 100 employees by year-end to support ongoing development efforts.
The latest funding round will be utilized to enhance language support, introduce new features, and implement safeguards against misuse.
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