ElevenLabs, a Polish-founded voice AI platform specializing in text-to-speech software for publishers and creators, has raised $250 million in a Series C funding round. The investment, led by ICONIQ Growth, boosts the company's valuation to between $3 billion and $3.3 billion, according to TechCrunch.
About ElevenLabs
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ElevenLabs, an AI audio research and deployment company, was founded in 2022 by Mati Staniszewski and Piotr Dąbkowski. The company utilizes deep learning to develop advanced text-to-speech technology, such as realistic speech synthesis, speech-to-speech conversion, and dubbing in 29 languages, designed for publishers and creators.
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Since its launch, ElevenLabs' technology has been used to create over 100 years of audio content by a diverse clientele, including tech platforms like Synthesia, publishers like the Washington Post and HarperCollins, along with 36 other businesses and gaming companies.
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In January 2024, ElevenLabs secured $80 million in Series B funding to further their research, expand infrastructure, develop new vertical-specific products, and enhance safety protocols for responsible and ethical AI development.
Investment details
The round was led by ICONIQ Growth, a San Francisco-based VC that supports impact-driven startups from early growth to IPO.
Andreessen Horowitz, an existing investor and VC firm backing seed to late-stage tech companies across various sectors, also participated in the financing.
ElevenLabs is ready to broaden its offerings and expand into additional industries with new funding. The company's concentration on creating advanced voice technology corresponds with the general trend of incorporating generative AI into multimedia, gaming, and publishing platforms.
