On Thursday, ElevenLabs announced that it had secured $180 million in a Series C funding round, raising the artificial intelligence startup's valuation to $3.3 billion. The funding was co-led by Andreessen Horowitz and Iconiq Growth, along with new investors NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund, and Lunate.
Investors are increasingly backing generative AI startups, drawn by the success of products like OpenAI's ChatGPT and the vast commercial opportunities presented by AI-driven technologies.
Based in London, ElevenLabs plans to utilize the funding to further develop its voice AI research, introduce new products, and enhance its offerings for developers and businesses. The startup, founded in 2022 by Piotr Dabkowski and Mati Staniszewski, former employees of Google and Palantir Technologies, has now raised a total of $281 million in funding.
CEO Mati Staniszewski stated, "This funding takes us closer to a future where digital interactions are conducted through seamless voice communication, mimicking natural conversations."
In 2024, ElevenLabs expanded its product range to include speech generation, voice design, sound effects, and AI-based dubbing in 32 languages. The startup has forged partnerships with prominent publishers such as The New Yorker, The Washington Post, The Atlantic, as well as gaming studios like Paradox and Cloud Imperium Games.
Existing investors, including Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, and BroadLight Capital, have also increased their support for ElevenLabs.