tl;dr
ElevenLabs, an artificial intelligence voice cloning startup, has recently completed a Series B funding round, raising $80M and reportedly valuing the company at over $1B. The funding round was co-led by Andreessen Horowitz, Nat Friedman, Daniel Gross, and joined by Sequoia Capital, Smash Capital, S...
ElevenLabs, an artificial intelligence voice cloning startup, has recently completed a Series B funding round, raising $80M and reportedly valuing the company at over $1B. The funding round was co-led by Andreessen Horowitz, Nat Friedman, Daniel Gross, and joined by Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures, solidifying ElevenLabs' position as a leader in voice AI. The company's potential valuation has shown significant growth from the $100M valuation during its previous funding in 2023, according to data from PitchBook. ElevenLabs' technology is currently utilized by employees at 41% of Fortune 500 companies. In addition to the funding announcement, ElevenLabs also disclosed several new product developments, including a Dubbing Studio, a Voice Library marketplace, an early-preview of a Mobile App reader, and new models with improved speed and language coverage.
Furthermore, ElevenLabs emphasized their commitment to the safe and responsible development of AI, prioritizing detection to ensure all AI-generated content is clearly identifiable. Piotr Dąbkowski, co-founder and chief technology officer of ElevenLabs, expressed that the new funding will enable the company to take on larger challenges and maintain a competitive edge in research and product development. As the AI industry continues to expand, ElevenLabs is poised to compete with major players such as Microsoft-backed OpenAI, with the rise of generative AI services and large language models offering a multitude of services including content, image, and voice generation.
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