ElevenLabs, a Brooklyn, New York-based startup developing AI-powered tools for creating and editing synthetic voices, has closed an $80 million Series B funding, bringing its total raised to $101 million and valuing the company at over $1 billion.
SaaS Investors
The round was co-led by Andreessen Horowitz, former GitHub CEO Nat Friedman, and entrepreneur Daniel Gross, with participation from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures.
Founded in 2009, Andreessen Horowitz (known as "a16z") is a venture capital firm that backs bold entrepreneurs building the future through technology. The firm invests in seed to late-stage technology companies, across the consumer, enterprise, bio/healthcare, crypto, fintech, and games spaces.
ElevenLabs Use of Funds
The company will use the funding for product development, infrastructure expansion, AI research, and enhancing safety measures. The company plans to grow its team and is working on a marketplace for voices.
About ElevenLabs
Founded in 2022 by Piotr Dabkowski and Mati Staniszewski, ElevenLabs is a voice AI research & deployment company with a mission to make content universally accessible in any language & voice. The company specializes in developing natural-sounding speech synthesis and text-to-speech software, using artificial intelligence and deep learning. ElevenLabs has expanded its applications to include speech-generating technology for audiobooks, dubbing films and TV shows, generating character voices for games, and marketing activations. The company has gained notable customers such as Paradox Interactive and The Washington Post.
Funding Details
Company: Eleven Labs, Inc.
Raised: $80.0M
Round: Series C
Funding Month: January 2024
Lead Investors: Andreessen Horowitz, Nat Friedman, and Daniel Gross
Additional Investors: Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital and Credo Ventures
Company Website: https://elevenlabs.io/
Software Category: Voice Cloning Software
Source: https://techcrunch.com/2024/01/22/voice-cloning-startup-elevenlabs-lands-80m-achieves-unicorn-status/