Voice Cloning Startup ElevenLabs Raises $80M, Attains Unicorn Status
ElevenLabs, a startup specializing in AI-powered tools for creating and editing synthetic voices, has secured $80 million in a Series B funding round, co-led by investors including Andreessen Horowitz, former GitHub CEO Nat Friedman, and entrepreneur Daniel Gross.
The round, which also saw participation from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures, brings the total raised by ElevenLabs to $101 million, valuing the company at over $1 billion. The new funds will be utilized for product development, infrastructure expansion, team growth, AI research, and enhancing safety measures for responsible AI technology development.
AI-Powered Speech Generation for Diverse Applications
Founded in 2022 by Piotr Dabkowski, a former Google machine learning engineer, and Mati Staniszewski, a former Palantir deployment strategist, ElevenLabs focuses on AI-powered speech generation. The startup’s browser-based speech generation app allows users to create lifelike voices with adjustable features like intonation, emotion, and cadence. It has gained attention for creating voices for various applications, including audiobooks, film dubbing, TV shows, games, and marketing activations.
Challenges and Measures to Address Misuse
ElevenLabs has faced challenges, including negative publicity for its tools being used to generate hateful and malicious content. The startup has responded by implementing measures to detect and prevent misuse. It plans to improve its detection tool and collaborate with distribution players to make it available on third-party platforms.
Addressing Concerns from Voice Actors with a Marketplace
The company is also addressing concerns from voice actors by introducing a marketplace for voices, allowing creators to verify, share, and receive compensation when others use their voices. The marketplace, currently in alpha, is set to become more widely available in the coming weeks.
Strategic Growth and Market Competition
ElevenLabs plans to grow its headcount from 40 to 100 by the end of the year and aims to remain a significant player in the synthetic voice market, competing with other startups and major tech incumbents such as Amazon, Microsoft, and Google.ChatGPT can make mistakes. Consider checking important information.