Voice cloning startup raises $80 million

ElevenLabs, a company specialising in voice technology research, announced the raising of $80m in a Series B funding round.

This round was co-led by Andreessen Horowitz, Nat Friedman, Daniel Gross, and joined by Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital, and Credo Ventures. The funding aims to solidify ElevenLabs' position as a leading figure in voice AI research and product development.

ElevenLabs’ technology allows users to create AI voices in a variety of languages and accents, capable of conveying a broad spectrum of emotions and intonations. Since its launch, users have generated over 100 years of audio content, and the company has grown from five to 40 employees. Notably, ElevenLabs' technology is now used by employees in 41% of Fortune 500 companies.

The technology developed by ElevenLabs has seen wide application across various sectors. It has been instrumental for creators in enhancing voiceovers and AI dubbing, expanding educational access, and offering innovative solutions in audiobook publishing, entertainment, and personal use, especially in improving accessibility. The new funding will aid in refining the company's product offerings and ensuring the safe deployment of AI technology.

Alongside the Series B funding news, ElevenLabs is also launching new product developments:

  • A Dubbing Studio workflow for movie dubbing, including transcript, translation, and timecode generation and editing
  • A Voice Library marketplace for users to earn from AI versions of their voices, with control over availability and compensation terms
  • An early-preview Mobile App reader for instant text and URL conversion to audio, initially free for the first three months

In 2023, ElevenLabs expanded its reach across sectors like publishing, gaming, media, and conversational AI, forming partnerships with entities like Storytel, The Washington Post, and Paradox Interactive.

The company's product suite, developed from in-house research, includes Speech Synthesis, Voice Design, Voice Cloning, and AI Dubbing tools, with plans to expand language options for its Turbo and Speech to Speech models.

ElevenLabs has also developed advanced tools like Projects for publishing and the Dubbing Studio for video localisation. The Voice Library, a community-focused product, now allows sharing of verified voice replicas for monetisation. The company places a high emphasis on the safe and responsible development of AI, including tools for detecting AI-generated content.

Piotr Dąbkowski, CTO of ElevenLabs, said: “Our team’s dedication has already made a lasting impact on voice AI. This new funding enables us to take on even bigger challenges and focus on maintaining our competitive edge in research and product development.”

Mati Staniszewski, Co-Founder, added: “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.”