ElevenLabs, an AI startup focused on generative AI technology, has achieved unicorn status after raising $80 million in Series B funding led by Andreessen Horowitz, Nat Friedman, and Daniel Gross.
The funding round values ElevenLabs at $1.1 billion, marking a significant increase from its $100 million valuation in the previous funding round in 2023.
The London-based startup, founded two years ago, specializes in developing AI models and tools for creating AI-generated voices in various languages, accents, and emotions.
ElevenLabs plans to expand its workforce from 40 remote workers to 100 by the end of the year, reflecting the company's growth and increasing demand for AI voice generation.
The startup's customer base includes individual content creators, as well as enterprises such as Storytel, Paradox Interactive, and The Washington Post. It is also being used by political campaign staff in the United States to reach voters who speak foreign languages.
ElevenLabs is committed to transparency in AI content and supports the detection and tracing of AI-generated content. It has developed tools like the AI Speech Classifier to identify AI-generated audio content.
In addition to its current offerings, ElevenLabs is developing a marketplace that will allow users to generate AI voices and monetize them through licensing. The startup faces competition from other AI companies, including OpenAI, known for its popular ChatGPT model. The CEO, Mati Staniszewski, emphasizes a focus on both research and workflow layers as a key differentiator for El
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