London-based artificial intelligence startup ElevenLabs has attained unicorn status after securing $80 million in a Series B funding round led by influential venture capital firm Andreessen Horowitz.
Though ElevenLabs did not disclose the exact valuation, an insider told Reuters that it amounted to $1.1 billion, marking a tenfold increase from its previous valuation in 2023.
Founded in January 2022 by chief executive Mateusz Staniszewski and chief technology officer Piotr Dąbkowski, ElevenLabs gained attention for its AI-generated voice technology, boasting a portfolio that includes a wide range of languages, accents, and emotional inflections.
ElevenLabs’ clients range from individual content creators to large-scale enterprises including Storytel, Paradox Interactive, and The Washington Post.
Its technology is being used by employees at 41% of Fortune 500 companies, according to the company.
Political campaigns in the US are using its tech to communicate with voters in various foreign languages.
“Our team’s dedication has already made a lasting impact on voice AI, stated Dąbkowski. “This new funding enables us to take on even bigger challenges and focus on maintaining our competitive edge in research and product development.”
Staniszewski 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.”
In addition to the new funding, ElevenLabs unveiled a new Dubbing Studio platform that enables users to dub entire movies, as well as generate and edit their transcripts, translations, and timecodes, providing additional control over content production.
Nat Friedman, Daniel Gross, Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital and Credo Ventures all joined the Series B round.