Voice technology research company ElevenLabs announced that it has completed an $80 million Series B funding round co-led by Andreessen Horowitz, Nat Friedman, former CEO at GitHub, and Daniel Gross, a former machine learning director at Apple. Following the investment, the startup is becoming a unicorn with a valuation of $1.1 billion.
- Founded in 2022 by two Polish engineers, Mati Staniszewski and Piotr Dąbkowski, ElevenLabs develops text-to-speech software tailored for publishers and creators. The platform leverages an internally developed deep learning model for speech synthesis, enabling lifelike human intonation and adaptive delivery based on context. Its technology also allows for speech-to-speech conversion and dubbing, currently available in 29 languages.
- Since its inception, ElevenLabs users have generated over 100 years' worth of audio content, and the startup's team has grown to 40 employees.
- In June 2023, ElevenLabs closed its Series A round, securing $19 million from investors such as Andreessen Horowitz, Nat Friedman and Daniel Gross, who co-led the current round. This time, the round also saw participation from Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital, and Credo Ventures.
“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. Our progress so far is a testament to our dedicated team and investors, and while it’s still only the beginning of our journey, together we’re helping shape the future of accessibility and communication,” Mati Staniszewski says.
- ElevenLabs is planning to put the Series B funding into advancing research, expanding infrastructure, developing new products for specific verticals, and enhancing safety measures to ensure responsible and ethical development of AI technology.
