ElevenLabs Achieves Unicorn Status After Raising $80M Series B

Jan. 23, 2024 - PRLog -- AI voice development leader ElevenLabs has secured unicorn status after closing an $80 million Series B funding round. The investment was co-led by prominent VCs Andreessen Horowitz, Nat Friedman, and Daniel Gross, with participation from Sequoia Capital, Smash Capital and others.

This latest round values ElevenLabs at over $1 billion, marking significant growth from its $100 million valuation last June. With new capital in tow, CEO Mati Staniszewski plans to accelerate product development, expand infrastructure and research capabilities, and strengthen safety measures for responsible AI.

Founded in 2022, ElevenLabs pioneered AI-powered tools for crafting and editing synthetic voices. Its browser-based speech app allows free basic use or paid professional-grade customization. Core products center around dubbing, audiobooks, games, and branded content using dynamic adjustable voices.

Recent launches include a "speech to speech" translator preserving tone and a mobile narration app. The $101 million total raised to date will fuel expanding these solutions for media, publishing and entertainment clients. ElevenLabs projects serving the equivalent of 100+ years of audio content from a growing Fortune 500 customer base.

With cutting-edge innovation comes responsibilites, as some exploits surfaced. However, ElevenLabs aims to curb misuse through detection tools and a forthcoming voices marketplace. There, creators receive compensation proportional to voice utilization – a step toward industry standards harmonization amid wider debates.

Looking ahead, ElevenLabs intends growing its 40-person team to 100 by year's end. As the synthetic voice market heats up, this unicorn status round establishes ElevenLabs as the global category leader with resources to solidify its leadership long-term.
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