Voice AI Startup ElevenLabs Achieves Unicorn Status in Latest Funding Round
ElevenLabs, a London-based AI startup, has achieved unicorn status with a valuation of US$1.1 billion. The company raised US$80 million in its Series B funding round led by Andreessen Horowitz and other prominent investors. ElevenLabs specialises in AI-generated voices and has a diverse customer base, including Storytel and The Washington Post.
London-based artificial intelligence (AI) startup, ElevenLabs, has reached unicorn status following its recent round of fundraising, according to a source familiar with the matter. The surge in investor interest for generative AI technology has propelled the startup's valuation to US$1.1 billion.
In its Series B funding, ElevenLabs secured US$80 million from investors led by venture capitalist Andreessen Horowitz, alongside entrepreneurs Nat Friedman and Daniel Gross. Sequoia Capital also participated in the funding round.
The two-year-old company, which specialises in AI models and tools for creating AI-generated voices with various languages, accents, and emotions, did not disclose its valuation publicly. However, data from PitchBook indicates a significant increase from its previous valuation of US$100 million in 2023.
ElevenLabs, headed by CEO Mati Staniszewski, plans to expand its workforce from 40 remote workers to 100 by the end of the year. The startup's customer base includes individual content creators, as well as notable enterprises such as Storytel, Paradox Interactive, and The Washington Post.
Staniszewski highlighted the growing demand for AI content in social media campaigns and emphasised the importance of transparency in identifying AI-generated content. The company's AI Speech Classifier tool aids in detecting AI-generated audio content, while its movie dubbing products cater to the film industry.
Additionally, ElevenLabs is developing a marketplace that allows users to generate AI voices and earn money through licensing. While competing with other AI companies like OpenAI, which gained popularity with its ChatGPT, ElevenLabs distinguishes itself by focusing on both research and workflow integration. Staniszewski emphasised the company's commitment to building a comprehensive solution for AI voice generation.
ElevenLabs, a London-based AI startup, has achieved unicorn status with a valuation of US$1.1 billion.
The company raised US$80 million in its Series B funding round led by Andreessen Horowitz and other prominent investors.
ElevenLabs specialises in AI-generated voices and has a diverse customer base, including Storytel and The Washington Post.
Source: REUTERS