ElevenLabs, a startup leveraging AI technology for voice imitations, has attained unicorn status, as per a source familiar with the situation. The company’s valuation has soared to \(1.1 billion following an \)80 million Series B funding round led by Andreessen Horowitz, marking a significant increase from its previous valuation of $100 million in May 2023. Noteworthy participants in this funding round include Sequoia Capital, Smash Capital, Nat Friedman (former GitHub CEO), and Daniel Gross, an early investor in Uber, Coinbase, and Instacart. The primary objective of this investment, according to ElevenLabs, is to solidify its position as a frontrunner in voice AI research and product deployment.
ElevenLabs specializes in text-to-speech AI-generated voice technology that not only eliminates the robotic quality found in products like Siri and Alexa but also excels in replicating the voices of real individuals through voice cloning. One of its key innovations is a translation tool integrated into the voice cloning technology, allowing voices to be converted into different languages while preserving their original characteristics.
The company’s CEO, Mati Staniszewski, emphasizes ElevenLabs’ mission to revolutionize content interaction by overcoming language barriers. ElevenLabs’ recent developments include tools for dubbing movies, a user-generated voice library, and a mobile app that converts text to audio. The company has established partnerships with various media entities such as Storytel, the Washington Post, and gaming companies.
Despite its technological advancements, the proliferation of AI-generated voice clones raises concerns about misuse, including the creation of deepfakes for fraudulent purposes. Unauthorized deepfakes and AI-generated audio have been utilized in campaigns and scams, prompting regulatory attention. In response, ElevenLabs plans to allocate part of its Series B funding towards enhancing safety protocols for the ethical development of AI technology, alongside investing in new products and research initiatives.
