ElevenLabs, a platform that builds AI-powered voice cloning instruments, has raised USD 80 million in a Series B funding round co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross. Other backers included Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures. This brings the total funds raised to USD 101 million and values the company above USD 1 billion.
The funds will be used to improve ElevenLabs' products, expand its team and infrastructure, and further AI research. Moreover, the company will focus on augmenting safety protocols to foster responsible and ethical AI technology development.
The company also launched several new products, including Dubbing Studio, the Voice Library marketplace, a preliminary version of a Mobile Reader App, and enhanced models featuring improved speed and language coverage.
Analyst QuickTake: Since its beta launch a year ago, ElevenLabs has gained recognition, especially for its speech generation app, which creates lifelike voices. The company has constantly expanded its product suite, including an AI Dubbing feature, voice design, voice cloning, and speech-to-speech conversion. Notably, this round values the company 10x higher than its value reported in June last year (USD 99 million).
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