Voice AI unicorn ElevenLabs secures $250M; now valued at over $3B, says reports

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New York and London-based ElevenLabs, a voice AI research and deployment company, has reportedly raised $250M (nearly €239.57M) in a Series C funding round. The company is valued between $3B and $3.3B (nearly €2.87B and €3.16B).

According to TechCrunch, ICONIQ Growth led the round, and Andreessen Horowitz was also mentioned as a potential participant. The latter previously co-led ElevenLabs’ $80M Series B round in January 2024.

Making content accessible in any language and voice

Founded in 2022 by Piotr Dąbkowski, a former Google machine learning engineer, and Mati Staniszewski, a former Palantir deployment strategist, ElevenLabs specialises in natural speech synthesis.

It is an AI audio company focused on creating technology for generating realistic and context-aware speech, voices, and sound effects in 32 languages. Its tools are designed for a range of users, including individuals, businesses, and creative professionals.

Applications include voicing audiobooks, animating characters, localising media, creating dynamic content, and supporting accessibility needs. The company emphasises safe development and deployment of its AI voice technology.

The company released its first beta product in January 2023 and gained traction, raising a $19M Series A in June 2023. Its product and research teams are based in Europe, including the UK, Poland and Hungary, while its US operations focus on sales and partnerships.

ElevenLabs has faced challenges related to the misuse of its technology, including the creation of fake news. However, the company has introduced detection tools and safeguards to address these issues and has become a partner for businesses offering speech-based services.

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.

In August 2024, the company opened its new European headquarters in London, marking a major step in its global expansion. In a statement, it described London as the “perfect place” for its next growth phase.

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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.

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