ElevenLabs, a voice technology research company, has raised a €73 million Series B round co-led by Andreessen Horowitz, Nat Friedman and Daniel Gross, and joined by Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital and Credo Ventures, to cement its position as the global leader in voice AI research and product deployment.
With this Series B investment, ElevenLabs intends to cement its position as the global leader in voice AI research and product deployment. The capital will be put into advancing research, expanding infrastructure, developing new products for specific verticals, and enhancing safety measures to ensure responsible and ethical development of AI technology.
Since its public launch in 2022, ElevenLabs has led the industry in natural speech synthesis, enabling users to create and design AI voices across a vast swathe of languages and accents, with the ability to deliver a wide range of emotions and intonations. ElevenLabs’ users have generated over 100 years of audio, while the firm grew from 5 to 40 employees. Today, ElevenLabs technology is being used by employees at 41% of Fortune 500 companies.
ElevenLabs’ technology has been adopted across numerous verticals. It has empowered creators to enhance audience experiences, broadened access to education, and provided innovative solutions in publishing, entertainment, and personal use, including improving accessibility. This funding will be used to further refine the company’s product offering whilst ensuring the safe deployment of AI technology.
In addition to today’s Series B announcement, ElevenLabs is also unveiling several new product developments, which will go live over the coming weeks: A new Dubbing Studio, a Voice Library marketplace, and an early preview of the Mobile App reader.
Mati Staniszewski, CEO and co-founder of ElevenLabs, commented: “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.”
Throughout 2023, ElevenLabs has also expanded its presence in multiple sectors, including publishing, gaming, media, and conversational verticals, as well as forging B2B partnerships with major media houses.
