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Voice AI startup ElevenLabs raises US$80 million, gaining unicorn status

Jan 22, 2024 - internetretailing.com.au
Artificial intelligence (AI) startup ElevenLabs has achieved unicorn status after raising $80 million in Series B funding, led by Andreessen Horowitz and including investors such as Nat Friedman, Daniel Gross, and Sequoia Capital. The funding round reportedly valued the company at $1.1 billion, a significant increase from its $100 million valuation in 2023. The London-based firm, which specializes in creating AI-generated voices with different languages, accents, and emotions, plans to expand its team of 40 remote workers to 100 by the end of the year.

ElevenLabs' growing customer base includes individual content creators and enterprises like Storytel, Paradox Interactive, and The Washington Post. The company's tools, such as the AI Speech Classifier, are used to identify AI-generated audio content. It also offers products for movie dubbing and is developing a marketplace for users to generate AI voices and earn money by licensing them. The firm competes with other AI companies like OpenAI, which popularized generative AI with its ChatGPT product.

Key takeaways:

  • AI startup ElevenLabs has achieved unicorn status after raising $80 million in Series B funding, valuing the company at $1.1 billion.
  • The funding round was led by Andreessen Horowitz and included participation from Sequoia Capital, Nat Friedman, and Daniel Gross.
  • ElevenLabs has developed AI models and tools for creating AI-generated voices and competes with other AI companies like OpenAI.
  • The company's customer base includes individual content creators and enterprises such as Storytel, Paradox Interactive, and The Washington Post.
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