In addition to the funding news, ElevenLabs also announced several new product developments. These include a Dubbing Studio workflow, a Voice Library marketplace, and an early-preview of a mobile app reader. The company's technology, which converts text to speech online, is used across various sectors and by 41% of Fortune 500 companies. Since its launch, users have generated over 100 years of audio using ElevenLabs' technology.
Key takeaways:
- ElevenLabs, a voice technology research company, has raised $80 million in Series B funding at a $1+ billion valuation. The round was co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross, with participation from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures.
- The company plans to use the funds to refine its product offering and ensure the safe deployment of AI technology. Their technology converts text to speech online and enables video creators, developers, and businesses to create natural AI voices instantly in any language.
- ElevenLabs is also unveiling several new product developments, including a Dubbing Studio workflow, a Voice Library marketplace, and an early-preview of the Mobile App reader.
- ElevenLabs' technology is currently being used by employees at 41% of Fortune 500 companies and has been adopted across numerous verticals including publishing, gaming, media, and conversational AI.