New York and London-based ElevenLabs, a leading AI voice research and deployment company, has secured $250 million (€239.57M) in a Series C funding round, pushing its valuation to $3–3.3 billion (€2.87–3.16 billion).
The round was reportedly led by ICONIQ Growth, with participation from Andreessen Horowitz, which co-led ElevenLabs’ $80M Series B in January 2024.
Advancing AI Speech Synthesis Technology
Founded in 2022 by Piotr Dąbkowski (former Google machine learning engineer) and Mati Staniszewski (former Palantir deployment strategist), ElevenLabs specializes in natural speech synthesis. Its technology generates highly realistic and context-aware speech, voices, and sound effects in 32 languages, catering to:
- Audiobooks.
- Character animation.
- Media localization.
- Accessibility solutions.
Since its beta launch in January 2023, the Unicorn has rapidly grown, raising a $19M Series A in June 2023 and establishing a strong presence in the publishing, gaming, conversational AI, and media sectors.
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Tackling Challenges and Ensuring Safety
Despite facing issues with technology misuse (e.g., fake news creation), ElevenLabs has implemented detection tools and safeguards to address these concerns, solidifying its reputation as a trusted partner for speech-based businesses.
Strategic Growth and Partnerships
In 2024, the company expanded its reach by:
- Opening a new European headquarters in London to support its global growth.
- Partnering with industry leaders like Storytel, The Washington Post, FlowGPT, and Paradox Interactive.
Scaling for the Future
With its latest funding, the firm plans to:
- Enhance its AI voice technology.
- Expand its operations across Europe, the US, and other markets.
- Strengthen its position as a leader in natural speech synthesis for creative and business applications.
With a valuation exceeding $3 billion and continued investor confidence, ElevenLabs is poised to shape the future of AI-powered voice solutions.
