In a significant development for the voice technology space, ElevenLabs, a startup specializing in AI-powered tools for creating and editing synthetic voices, has successfully closed an $80 million Series B funding round. The investment was co-led by renowned investors such as Andreessen Horowitz, former GitHub CEO Nat Friedman, and entrepreneur Daniel Gross. This latest round, which also saw participation from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures, brings the total funds raised by ElevenLabs to an impressive $101 million. Additionally, the company’s valuation has skyrocketed to over $1 billion, a substantial increase from approximately $100 million just last June.
Company Background:
Founded in 2022 by Piotr Dabkowski, a former Google machine learning engineer, and Mati Staniszewski, a former Palantir deployment strategist, ElevenLabs entered the scene with a vision to revolutionize voice cloning tools inspired by poorly dubbed American films. Leveraging the capabilities of artificial intelligence, the startup aims to enhance the quality and customization of synthetic voices, addressing the limitations observed in traditional dubbing practices.
Product and Innovations:
ElevenLabs gained initial recognition with its browser-based speech generation app, allowing users to create lifelike voices with adjustable toggles for intonation, emotion, cadence, and other vital vocal characteristics. The app’s unique feature enables users to input text, generating a recording of the text read aloud by one of several default voices. While the basic features are available for free, paying customers can upload voice samples to craft new styles using ElevenLabs’ advanced voice cloning technology.
Current Usage and Expansion:
The startup has evolved its technology to cater to diverse applications, including the creation of audiobooks, dubbing for films and TV shows, and generating character voices for games and marketing activations. ElevenLabs has positioned itself at the forefront of voice AI research and product deployment, offering innovative solutions to enhance the user experience across various industries.
Utilization of Funding:
ElevenLabs CEO Mati Staniszewski highlighted that the newly secured funds would be allocated towards several key areas. These include substantial investments in product development, expanding the company’s infrastructure and team, advancing AI research, and implementing enhanced safety measures. Staniszewski emphasized the commitment to ensuring responsible and ethical development of AI technology, addressing growing concerns surrounding the ethical use of artificial intelligence in the tech industry.
Global Leadership in Voice AI Research:
In an email interview with TechCrunch, CEO Mati Staniszewski expressed the company’s vision to solidify ElevenLabs’ position as the global leader in voice AI research and product deployment. The Series B funding marks a significant milestone for the startup, providing the financial backing required to scale operations, foster innovation, and contribute to the ongoing evolution of voice technology.
ElevenLabs’ success in securing an $80 million Series B funding round underscores the growing interest and investment in AI-powered voice technology. The company’s commitment to advancing the field responsibly, along with its innovative solutions, positions it as a key player in the evolving landscape of synthetic voices. As the demand for customizable and lifelike voices continues to rise across various industries, ElevenLabs appears poised to lead the way in shaping the future of voice AI research and development.