ElevenLabs, a voice technology research company, has raised an $80m Series B round co-led by Andreessen Horowitz, Nat Friedman, Daniel Gross, and joined by Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital and Credo Ventures.
Bloomerg reported that the new financing gives the company a $1.1 billion valuation helping it secure a unicorn status.
Since its public launch, ElevenLabs has been enabling users to create and design AI voices in several languages and accents, with the ability to deliver a wide range of emotions and intonations. ElevenLabs’ users have generated over 100 years of audio, while the firm grew from 5 to 40 employees. The company’s technology is reportedly being used by employees at 41% of Fortune 500 companies.
ElevenLabs was co-founded in 2022 by Piotr Dabkowski, an ex-Google machine learning engineer, and Staniszewski.
The new funding will be used to further refine the company’s product offering whilst ensuring the safe deployment of AI technology, the company stated.
Piotr Dąbkowski, CTO of ElevenLabs, said “Our team’s dedication has already made a lasting impact on voice AI. This new funding enables us to take on even bigger challenges and focus on maintaining our competitive edge in research and product development.”
ElevenLabs also unveiled some new product developments, which will go live over the coming weeks. These include a Dubbing Studio, a Voice Library market place to help users monetize AI versions of their own voices and a Mobile App reader that enables instant conversion of text and URLs into audio .
Last year, the company had expanded its presence in multiple sectors, including publishing, gaming, media, and conversational verticals, as well as forging B2B partnerships with major media houses.
