Polish-founded voice AI platform ElevenLabs, which develops text-to-speech software tailored for publishers and creators, has secured $180 million in a Series C funding round co-led by a16z and ICONIQ Growth. The company is now valued at $3.3 billion.
- Launched in 2022 by Mati Staniszewski and Piotr Dąbkowski, ElevenLabs is an AI audio research and deployment company that develops advanced text-to-speech technology tailored for publishers and creators.
- ElevenLabs uses deep learning for realistic speech synthesis, offering speech-to-speech conversion and dubbing in 29 languages.
- Since its launch, users have created over 100 years of audio content. Customers include tech platforms like Syntheisa, publishers such as the Washington Post and HarperCollins, 36 other businesses, and gaming companies.
- In January 2024, the startup raised $80 million in a Series B funding round to advance research, expand infrastructure, develop new products for specific verticals, and improve safety measures for responsible and ethical AI development.
Details of the deal
- The round was co-led by a16z and ICONIQ Growth. New investors include NEA, World Innovation Lab (WiL), Valor, Endeavor Catalyst Fund and Lunate. Existing investors Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, BroadLight Capital also participated, increasing their support.
UPD: Initially, Vestbee stated that the round amounted to $250m, as first reported by TechCrunch. The news was updated following the ElevenLabs' announcement.
