ElevenLabs Secures $80 Million Investment, Achieves ‘Unicorn’ Status

London-based voice cloning startup ElevenLabs The company disclosed today that it acquired $80 million in funding aimed at bolstering research and product creation. This latest investment round has propelled the generative AI company into the ranks of unicorn startups.

The funds will be invested in progressing research efforts, expanding the company's infrastructure, creating new products for targeted markets, and reinforcing safety protocols to advocate responsible and ethical technology development. AI technology .

The Series B round was co-led by Andreessen Horowitz Key investors in this funding round included Nat Friedman, Daniel Gross, Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures.

"Our team is immensely committed to making meaningful strides in voice AI. This fresh capital allows us to tackle even larger endeavors and maintain our stronghold in both research and product creation,\" expressed Piotr Dąbkowski, CTO of ElevenLabs.

Furthermore, the startup unveiled new offerings, AI products which encompass innovations such as the Dubbing Studio, a marketplace for voice libraries, and an early reveal of a Mobile Reader App.

Founded just last year, ElevenLabs has been a frontrunner in natural speech synthesis technology, enabling the generation and customization of AI voice profiles in various languages and accents, allowing for a broad spectrum of emotions and tonal variations.

This technology has empowered content creators to enhance engagement through voiceovers and AI dubbing, improved educational access, and provided solutions in audiobook production, entertainment, and more personal applications.

New AI Offerings from ElevenLabs Set to Launch Soon

In conjunction with this funding achievement, ElevenLabs has unveiled a trio of AI product enhancements designed to transform user interaction with technology. audio content .

The newly launched Dubbing Studio workflow enables users to dub entire films, giving them precise control over transcripts, translations, and timecodes. This enhancement builds on the existing AI dubbing functionality, facilitating comprehensive video localization in 29 different languages.

The Voice Library marketplace introduced by ElevenLabs allows creators to monetize their unique voices by producing professional AI replicas. Users can authenticate and share their voices, making them available for others in the marketplace. Notably, original voice creators receive compensation whenever their voices are used. The company highlights that this marketplace is already generating revenue for a handful of alpha testers.

Additionally, ElevenLabs showcased a sneak peek of the Mobile App Reader, a feature designed to instantly convert text and URLs into audio, providing users listening access to content on the go. As a bonus, the app will be free for the first three months for new users. To encourage early adoption, the company has also opened a waiting list for interested individuals to gain early access.

According to ElevenLabs , the safe and responsible development of AI Prioritizing transparency, the company is steadfast in enhancing detection methodologies ensuring that all AI-generated outputs remain identifiable.

Last year, the startup introduced an AI Speech Classifier—a tool that verifies whether an audio sample includes content created by ElevenLabs. Plans for this year involve expanding the Classifier's capabilities to cover additional voice AI models and forming partnerships with other distribution networks for broader usage. The organization is also diligently working on safety measures to secure public interactions.