ElevenLabs Closes $80 Million Series B Funding

ElevenLabs, a NYC-based voice technology research company, raised $80m in Series B funding at a $1+ billion valuation.

The round was co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross, with participation from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures.

The company, which has raised a total of $101m, intends to use the funds to refine the product offering whilst ensuring the safe deployment of AI technology.

ElevenLabs provides a generative voice AI generator platform that convert text to speech online and enables video creators, developers, and businesses to create natural AI voices instantly in any language. ElevenLabs’ technology has been adopted across numerous verticals. It has empowered creators to enhance audience experiences with voiceovers and AI dubbing, broadened access to education, and provided innovative solutions in audiobook publishing, entertainment, and personal use, including improving accessibility.

Throughout 2023, ElevenLabs has also expanded its presence in multiple sectors, including publishing, gaming, media, and conversational verticals, as well as forging B2B partnerships with major media houses, among them:

  • Publishing: Storytel, The Washington Post, Rheinische Post, Curio
  • Conversational AI: FlowGPT, SimpleTalk AI, Ollang, VoiceDrop, Vana, Infinitus AI
  • Media & Entertainment: Wondershare Filmora, Futuri Media, TheSoul Publishing
  • Gaming: Paradox Interactive, NetEase, Inworld AI

Since launch, users have generated over 100 years of audio, while the firm grew from 5 to 40 employees. Today, ElevenLabs technology is being used by employees at 41% of Fortune 500 companies.

In addition to today’s Series B announcement, ElevenLabs is also unveiling several new product developments, which will go live over the coming weeks:

  • A new Dubbing Studio workflow enables users to dub entire movies, as well as generate and edit their transcripts, translations, and timecodes, providing additional control over content production. These capabilities supplement the already existing AI dubbing feature which enables automated, end-to-end video localization across 29 languages.
  • Voice Library marketplace which will provide a secure platform for users to earn from AI versions of their own voices. Users can create their professional AI voice replica, verify it, and share it via Voice Library. When others use these verified voices, the original creators receive compensation. Users always retain control over their voice’s availability and compensation terms. The marketplace is already generating income for a small group of alpha-users.
  • An early-preview of the Mobile App reader that enables instant conversion of text and URLs into audio, making it easier for users to access content in another medium while on the move. As an introductory trial, the app will be available free of charge for the first three months and users will be able to register for early access through a waiting list.