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January 22, 2024
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Transforming AI Startup Secures $80M Series B, Reaches $11B Valuation

ElevenLabs, a startup specializing in AI technology for voice imitations, has achieved unicorn status with an $80 million Series B funding round led by Andreessen Horowitz, according to a source cited by Fortune. The funding round resulted in an impressive $1.1 billion valuation for ElevenLabs, representing a more than tenfold increase from its previous valuation of $100 million. The startup is known for its text-to-speech AI-powered voice generation, which can create human-like voices and also imitate existing voices. The company’s technology includes a translation tool that can convert a person’s voice into another language while maintaining the same tone. The funding will be used to solidify ElevenLabs’ position as a leader in voice AI research and product deployment. The startup has also announced the development of new products, including a tool for dubbing movies, a library for user-submitted voice recordings, and a mobile app for text-to-audio conversion. ElevenLabs already has partnerships with media companies such as Storytel, the Washington Post, and several gaming companies.

Besides its potential applications in entertainment and media, the technology of voice cloning also raises concerns about deepfakes and fraud. Deepfakes refers to the use of AI-generated voice clones to create fake audio or video recordings, which could be used to spread misinformation or manipulate conversations. To address these concerns, ElevenLabs plans to enhance safety measures and ensure the responsible and ethical development of its AI technology. The funding will also support additional research and development efforts.

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