ElevenLabs, a leading provider of synthetic voice technology, recently announced a successful $180 million Series C funding round, bringing its total capital raised since 2022 to $281 million. The funding was co-led by A16Z and ICONIQ Growth, with participation from new investors such as NEA and World Innovation Lab. Existing investors also increased their stakes in the company. This funding round values ElevenLabs at $3.3 billion post-money and will support the expansion of its audio tools and business development initiatives.
The company’s focus on creating expressive audio AI models and integrated text-based systems with audio has attracted major media, gaming publishers, and tech startups as customers. Strategic investors like Deutsche Telekom and LG Technology Ventures are also showing interest in ElevenLabs technology. The addition of ICONIQ partner Seth Pierrepont to the board reflects the growing interest in generative AI startups.
ElevenLabs plans to leverage the fresh funding to enhance its conversational AI platform, improve speech-to-text capabilities, and forge partnerships with telecommunications firms. Despite challenges related to the misuse of its technology in misinformation campaigns, the company remains committed to ensuring safety mechanisms and responsible deployment of its technology.
With a focus on meeting industry standards for content tracking and verification within its audio products, ElevenLabs is well-positioned for continued success in the competitive AI audio market. CEO Mati Staniszewski’s dedication to innovation and prioritizing safety underscores the company’s commitment to navigating the challenges of rapidly advancing technology.
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