Global -- ElevenLabs, a New York-based AI voice cloning company, has reached a valuation of $1.1 billion after securing $80 million in Series B funding. This investment round, co-led by Andreessen Horowitz, Nat Friedman, Daniel Gross, Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures, brings the company's total funding to $101 million since its inception in 2022, strengthening the company's position in the Voice AI space.

AI Voice Cloning Technology

ElevenLabs has developed a browser-based speech generation app that creates natural-sounding voices in multiple languages. This technology is applicable for audiobooks, film dubbing, character voices in games, and marketing. Clients include Storytel, Paradox Interactive, and The Washington Post. The technology is also used by employees at 41% of Fortune 500 companies.

Investment and Growth

The Series B funding highlights the tech industry's interest in AI technology. ElevenLabs, founded by Piotr Dabkowski and CEO Mati Staniszewski, will use the capital for infrastructure expansion, team growth, and research in ethical AI development.

Expansion Plans

In 2023, ElevenLabs broadened its reach across various industries such as publishing, gaming, media, and conversational domains. Additionally, the company has established B2B collaborations with significant media organizations.

The company plans to increase its workforce to 100 by the end of the year, focusing on product development and research. Alongside the Series B funding announcement, ElevenLabs is unveiling several new products, including a Dubbing Studio workflow, Voice Library marketplace, and a preview of the Mobile App reader, scheduled for release in the coming weeks.

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January 25, 2024
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