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Today: July 14, 2024
January 22, 2024
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ElevenLabs secures €73M Series B, cementing dominance in voice AI

TLDR:

  • London-based ElevenLabs has raised €73 million in a Series B funding round co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross.
  • The company plans to use the funds to strengthen its position as a global leader in voice AI research and product deployment.

London-based voice technology research company ElevenLabs has raised €73 million ($85 million) in a Series B funding round. The round was co-led by venture capital firms Andreessen Horowitz, Nat Friedman, and Daniel Gross. Other participants included Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital, and Credo Ventures.

ElevenLabs, which was founded in 2022, specializes in natural speech synthesis and has developed technology that allows users to create and design AI voices in various languages and accents. The company’s technology has been adopted by employees at 41% of Fortune 500 companies and has been used across multiple verticals, including publishing, entertainment, and education.

The new funding will be used to advance research, expand infrastructure, develop new products for specific verticals, and enhance safety measures to ensure responsible and ethical development of AI technology. In addition to the funding news, ElevenLabs also announced several new product developments that will be launched in the coming weeks, including a Dubbing Studio, a Voice Library marketplace, and an early preview of the Mobile App reader.

Commenting on the funding round, Mati Staniszewski, CEO and co-founder of ElevenLabs, said: “Our ambition remains the same – to transform how we interact with content by breaking down language and communication barriers. We’re building cutting-edge technology to make content accessible across languages – and voices – to enable everyone to connect with information and stories that matter.”

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