AI voice startup ElevenLabs hits unicorn status after raising €73.4M at €1B valuation; Know more

|

|

Last update:

ElevenLabs, a voice AI research & deployment company, announced that it has raised $80M (nearly €73.46M) in a Series B round of funding. 

With this round, the company has earned the status of a unicorn with a $1.1B (nearly €1.01B) valuation, as reported by Bloomberg.

The Series B investment was co-led by Andreessen Horowitz, Nat Friedman, Daniel Gross, and joined by Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital and Credo Ventures.

Besides the funding, ElevenLabs has also unveiled new product developments such as a new Dubbing Studio for comprehensive movie dubbing, a Voice Library marketplace allowing users to earn from their AI voices, and an early-preview Mobile App reader for instant text-to-audio conversion. 

The Mobile App reader offers free access for the first three months, with early access registration available.

Exploring new frontiers of voice generation

ElevenLabs was founded in 2022 by Piotr Dąbkowski, an ex-Google machine learning engineer, and Mati Staniszewski, an ex-Palantir deployment strategist.

The company claims to lead the industry in natural speech synthesis, empowering users to craft AI voices spanning various languages and accents, capable of conveying diverse emotions and intonations.

With users generating over 100 years of audio, the company has expanded from 5 to 40 employees since its launch. Currently, ElevenLabs’ technology is embraced by employees at 41 per cent of Fortune 500 companies.

Capital utilisation

ElevenLabs will use the funds to enhance product offerings and responsibly deploy AI technology. The technology has found applications in diverse sectors, including entertainment, education, and accessibility improvements.

The company prioritised safe AI development and content identification and launched an AI Speech Classifier to verify ElevenLabs-generated content to expand its coverage across more voice AI models.

Co-founder Dąbkowski says, “Our team’s dedication has already made a lasting impact on voice AI. This new funding enables us to take on even bigger challenges and focus on maintaining our competitive edge in research and product development.”

ElevenLabs also plans to collaborate with distribution platforms for wider implementation and is actively developing additional safeguards for enhanced safety in the public domain.

Co-founder Staniszewski adds, “Our ambition remains the same – to transform how we interact with content by breaking down language and communication barriers. We’re building cutting-edge technology to make content accessible across languages – and voices – to enable everyone to connect with information and stories that matter.”

“Our progress so far is a testament to our dedicated team and investors, and while it’s still only the beginning of our journey, together, we’re helping shape the future of accessibility and communication.”

Recent developments

In 2023, ElevenLabs expanded its presence across publishing, conversational AI, media, and gaming sectors, forming B2B partnerships with key players such as Storytel, The Washington Post, FlowGPT, Wondershare Filmora, and Paradox Interactive.

The company has also expanded its suite of tools, developed from in-house research, with Speech Synthesis for lifelike text-to-speech, Turbo model for low latency, Voice Design, Voice Cloning, and Speech-to-Speech.

ElevenLabs’ AI Dubbing tool translates audio and video into 29 languages while preserving the original speaker’s voice and emotions. It now plans to extend the Turbo and Speech-to-Speech models to more languages.

The company has also introduced advanced tools for complex workflows, including Projects for streamlined publishing content creation and Dubbing Studio for precise control over video localisation elements like transcript, translation, and sequence timing.

ElevenLabs introduces community-oriented products, such as Voice Library, which has now expanded to include verified voice replicas through Professional Voice Cloning. Users can share their voices in the newly introduced Voice Library marketplace and earn when others use them. 

To maintain safety, users must pass a Voice Captcha verification to confirm their voice matches training samples.

Topics:

Follow us:

Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

Partner eventsMore events

Current Month

02apr(apr 2)8:00 am04(apr 4)6:00 am0100 Europe 2025

Share to...