AI Startup ElevenLabs Achieves Unicorn Status with $80 Million Series B Funding

ElevenLabs, the AI startup based in London, has achieved unicorn status with a $1.1 billion valuation following an $80 million Series B funding round led by Andreessen Horowitz. The two-year-old company specializes in AI-generated voices and plans to expand its workforce from 40 to 100 employees by the end of the year. With a growing customer base, including partnerships with Storytel and The Washington Post, ElevenLabs aims to enhance transparency in AI content creation and is actively developing tools such as the AI Speech Classifier to identify AI-generated audio content.

22 January 2024 – London-based artificial intelligence (AI) startup ElevenLabs has attained unicorn status following its recent Series B funding round, securing $80 million from investors led by venture capitalist Andreessen Horowitz, with participation from notable figures like Nat Friedman and Daniel Gross, as well as Sequoia Capital. The fundraising places ElevenLabs’ valuation at $1.1 billion, signifying substantial growth from its $100 million valuation in 2023, as heightened interest in generative AI technology propels startup valuations skyward.

ElevenLabs, established two years ago, specializes in AI models and tools for crafting AI-generated voices encompassing various languages, accents, and emotions. The company, boasting a remote workforce of approximately 40 individuals globally, plans to expand its team to 100 by the end of the year. While the startup did not officially disclose its valuation, insider information indicates the latest funding round catapulted it into the coveted unicorn club.

The firm’s customer base spans individual content creators to enterprise-level partnerships, including collaborations with Storytel, Paradox Interactive, and The Washington Post. ElevenLabs is making notable strides in the political arena, aiding U.S. campaign staff in reaching voters who communicate in foreign languages.

ElevenLabs CEO, Mati Staniszewski, refrained from commenting on the specific valuation but highlighted the company’s commitment to transparency in AI content creation. The startup is actively developing tools such as the AI Speech Classifier, designed to identify AI-generated audio content. Its product portfolio extends to dubbing solutions for movies, and it is in the process of creating a marketplace for users to generate AI voices and monetize them through licensing.

In a competitive landscape with contenders like OpenAI, Staniszewski emphasized ElevenLabs’ focus on building both research capabilities and a dedicated workflow layer. The startup’s expansion and technological innovations are poised to contribute to the proliferation of AI content across various domains, with a strong emphasis on awareness and traceability of AI-generated content. – Ref: Reuters

Author: Terry KS

Share This Post On