ElevenLabs, an artificial intelligence (AI) company, has earned unicorn status after its most recent round of investment.
ElevenLabs, an artificial intelligence (AI) business, has achieved unicorn status following its most recent round of fundraising, according to a person familiar with the subject, as investor interest in generative AI technology drives up startup values.
ElevenLabs announced on Monday that it has raised $80 million in Series B fundraising from investors led by venture capitalist Andreessen Horowitz, entrepreneurs Nat Friedman and Daniel Gross, and Sequoia Capital, among others.
The two-year-old company did not disclose its valuation, but the individual claimed the round valued it at $1.1 billion, making it a unicorn, or billion-dollar business.
This represents a significant increase from the $100 million value in its previous investment round in 2023, according to data, underscoring expectations for a spike in the use of AI voice production by firms ranging from gaming giants to movie studios.
ElevenLabs, based in London, has developed AI models and tools for producing AI-generated voices in a variety of languages, dialects, and moods. Mati Staniszewski, the company’s CEO, stated that it currently employs approximately 40 remote workers worldwide and intends to increase that number to 100 by the end of the year.
Staniszewski declined to comment on the value.
According to the speech AI startup, its increasing customer base includes both individual content creators and enterprises like Storytel (STORYb.ST), Paradox Interactive (PDXI.ST), and many others.
According to Staniszewski, political campaign personnel in the United States use ElevenLabs to reach out to people who speak a foreign language.
“We expect to see more AI material in social media advertising. The crucial primitive is to ensure that people understand that it is AI. “We strongly support the ability to detect and trace AI content,” Staniszewski stated.
The startup competes with OpenAI, whose ChatGPT popularized generative AI, and Microsoft-backed MSFT.O, which released rival text-to-speech products last year. Its tools include an AI Speech Classifier, which helps identify AI-generated audio content, as well as products for dubbing movies and developing a marketplace for users to generate and license AI voices.
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