AI voice-cloning startup ElevenLabs announced on Thursday that it has secured $180 million in a Series C funding round, boosting its valuation to $3.3 billion—three times its previous worth.
The funding round was co-led by Andreessen Horowitz and Iconiq Growth, with participation from new investors NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund, and Lunate. Existing investors, including Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, and BroadLight Capital, also increased their support.
With the surge in interest in generative AI startups fueled by the massive success of OpenAI’s ChatGPT, investors are aggressively backing AI-driven innovations.
Headquartered in London, ElevenLabs plans to use the new capital to advance research in expressive and controllable voice AI, develop new products, and expand its developer and business tools.
Founded in 2022 by Piotr Dabkowski and Mati Staniszewski, former employees of Google and Palantir Technologies, respectively, ElevenLabs has now raised a total of $281 million in funding.
“This funding moves us closer to a world where digital interactions happen by voice – fluid, natural, and as effortless as a conversation,” said CEO Mati Staniszewski.
In 2024, ElevenLabs expanded its product suite, introducing speech generation, voice design, sound effects, and AI-powered dubbing in 32 languages.
The startup has established partnerships with major publishers, including The New Yorker, The Washington Post, and The Atlantic, as well as gaming studios such as Paradox Interactive and Cloud Imperium Games, according to its website.
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