London-based artificial intelligence (AI) startup ElevenLabs has achieved unicorn status after successfully raising $80 million in its Series B funding round. The investment was led by venture capital firm Andreessen Horowitz and featured participation from notable investors including Nat Friedman, Daniel Gross, and Sequoia Capital. Although the startup did not officially disclose its valuation, reports suggest that the latest funding round valued ElevenLabs at $1.1 billion, marking a significant increase from its previous $100 million valuation in 2023.
ElevenLabs, which specializes in AI-generated voices with diverse languages, accents, and emotions, has become increasingly popular due to the growing interest in generative AI technology. The company, founded just two years ago, has developed AI models and tools for voice generation. Its technology finds applications in various sectors, serving individual content creators as well as enterprise clients such as Storytel, Paradox Interactive, and The Washington Post.
Also Read: ChatGPT Impact: Coursera Registers AI Course Signups Every Minute in 2023
With a team of about 40 remote workers globally, ElevenLabs plans to expand its workforce to 100 by the end of the year. The startup’s CEO, Mati Staniszewski, expressed excitement about the funding round and the potential for AI-generated content across social media campaigns. He highlighted the importance of transparency in AI content, emphasizing the need to make people aware that they are interacting with AI-generated material.
ElevenLabs faces competition in the AI space from other companies, including OpenAI, known for its ChatGPT model. The startup distinguishes itself by not only focusing on AI research but also prioritizing the development of a workflow layer. Among its tools is the AI Speech Classifier, designed to identify AI-generated audio content. Additionally, ElevenLabs is working on a marketplace that will allow users to generate AI voices and monetize them through licensing.
The latest funding round positions ElevenLabs as a major player in the AI industry, reflecting the increasing demand for AI voice generation technology. As the startup continues to innovate in the AI space, its tools and solutions are likely to play a significant role in shaping the future of AI-generated content and voice applications across various domains.
