Business News Report
January 22, 2024

ElevenLabs Raises $80 Million in Funding, Attains ‘Unicorn’ Status

ElevenLabs Raises $80 Million in Funding, Attains 'Unicorn' Status

London-based voice cloning startup ElevenLabs today announced it raised $80 million in funding to focus on research and product development. With this latest round of funding, the generative AI startup has now gained ‘unicorn’ status.

According to the company, this 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.

The Series B round was co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross. It was further joined by Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital and Credo Ventures.

“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,” said Piotr Dąbkowski, CTO of ElevenLabs.

Additionally, the startup also announced new AI products including Dubbing Studio, Voice Library marketplace and an early preview of a Mobile Reader App.

Founded in 2022, ElevenLabs has led the industry in natural speech synthesis, enabling users to create and design AI voices across languages and accents, with the ability to deliver a wide range of emotions and intonations.

Moreover, the technology has empowered creators to enhance audience experiences with voiceovers and AI dubbing, broadened access to education, and provided solutions in audiobook publishing, entertainment, and personal use.

ElevenLabs $80M Funding

ElevenLabs’ New AI Products to Go Live in Coming Weeks

Alongside this funding, ElevenLabs has pulled back the curtain on a trio of AI product developments to enhance the way users interact with audio content.

The newly introduced Dubbing Studio workflow will help users dub entire movies while wielding control over transcripts, translations and timecodes. With an added layer of precision, users can navigate through the creative process. This enhancement supplements the existing AI dubbing feature, ensuring end-to-end video localization across 29 languages.

ElevenLabs’ Voice Library marketplace allows users to monetize their own voices by creating professional AI voice replicas. Creators can verify and share their voices, offering them on the marketplace for others to use. In a unique twist, original creators receive compensation whenever their verified voices are utilized. The company mentions that the marketplace is already generating income, for a small group of alpha users.

Likewise, ElevenLabs presented an early preview of the Mobile App Reader. This feature facilitates the instant conversion of text and URLs into audio, offering users accessibility to content while in motion. To sweeten the deal, the introductory trial of the app will be available free of charge for the first three months. As a gesture to early adopters, a waiting list has been opened for users to register and secure early access to this mobile experience.

According to ElevenLabs, the safe and responsible development of AI is one of its topmost priorities, with a focus on enabling detection to ensure all AI-generated content is identifiable.

The company launched an AI Speech Classifier last year; a tool which can verify if an audio sample contains ElevenLabs-generated content. This year, the company will work on enhancing the Classifier’s capabilities to cover more voice AI models, as well as partner with other distribution platforms for wider implementation. Additionally, the startup is actively developing safeguards to enhance safety in the public domain.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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