In a groundbreaking move, ElevenLabs, a generative AI startup specializing in audio AI software, has secured an impressive $80 million in Series B funding, propelling the company to a valuation of $1 billion and earning the coveted “unicorn” status. The funding round was spearheaded by Andreessen Horowitz, a prominent venture capital firm based in New York, which had also backed ElevenLabs in its previous funding round of $19 million in June 2023.
Founders with a Vision
ElevenLabs was founded just a year ago by childhood friends Mati Staniszewski and Piotr Dabkowski, who had distinguished backgrounds at Google and Palantir Technologies. Their common dissatisfaction originated from the poor quality of American movies that were being dubbed in their native Poland. The duo embarked on a mission to transform content accessibility across languages and voices, leading to the establishment of ElevenLabs.
Backers and Supporters
Backing ElevenLabs in their quest are notable investors, including Nat Friedman, former CEO of GitHub, Daniel Gross, Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures. The consistent support from investors underscores the confidence in ElevenLabs’ innovative approach to voice AI.
Strategic Utilization of Funding
The freshly acquired $80 million in funding is earmarked to solidify ElevenLabs’ position as the global leader in voice AI research and product deployment. The funds will be allocated to advancing research, expanding infrastructure, developing new products tailored for specific verticals, and enhancing safety measures to ensure the responsible and ethical development of AI technology.
Innovative Product Unveilings
In conjunction with the funding announcement, ElevenLabs has unveiled several groundbreaking product developments. A notable addition is the Dubbing Studio, empowering users to dub entire movies while exercising control over transcripts, translations, and timecodes. The Voice Library marketplace provides a secure platform for users to monetize their AI-generated voices, allowing them to create professional AI versions of their voices for sharing.
Another highlight is the Mobile App reader, offering an early preview that enables the instant conversion of text and URLs into audio, facilitating on-the-go content consumption. These innovations complement existing products like Speech Synthesis, Voice Design, Voice Cloning, Speech-to-speech, and an AI Dubbing tool capable of translating audio and video into 29 languages while preserving the original speaker’s voice and emotions.
Industry Impact and Future Expansion
With a user base exceeding 1 million across creative, entertainment, and publishing sectors, ElevenLabs’ technology can transform text into speech using synthetic voices, cloned voices, or entirely novel artificial voices, covering diverse genders, ages, and ethnicities. The expansion of Turbo and Speech-to-Speech models to include more languages further positions ElevenLabs as an industry trailblazer.
A Visionary Future
Mati Staniszewski, CEO and co-founder of ElevenLabs emphasizes their ambition to revolutionize content interaction by breaking down language and communication barriers. The funding injection allows the team to tackle even greater challenges and maintain a competitive edge in research and product development.
As ElevenLabs continues its journey, the impact on voice AI is already profound. The commitment to accessibility and communication demonstrates a dedicated team and visionary investors working together to shape the future of content consumption.
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Q1. How does ElevenLabs differentiate itself in the competitive AI landscape?
ElevenLabs stands out by offering a comprehensive suite of voice AI solutions, including innovative products like Dubbing Studio and Voice Library. Its ability to create diverse synthetic voices and support for multiple languages sets it apart.
Q2. How can users benefit from the new Mobile App reader?
The Mobile App reader allows users to instantly convert text and URLs into audio, enabling easy content consumption while on the move. The app will be free for the first three months, and users can register for early access via the waiting list.