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Voice-cloning startup ElevenLabs is raising funding at a $3B valuation

Nov 20, 2024 - businessinsider.com
ElevenLabs, a startup that creates voice agents mimicking a user's voice, is reportedly raising new funding that would increase its valuation to over $3 billion. The company, which was worth $100 million a year ago, is aiming to raise $200 million in this round, led by Iconiq Capital with participation from Andreessen Horowitz. The startup, which sells mainly to publishers, content creators, and media and entertainment companies, has reached $90 million in annual recurring revenue and is expected to hit $100 million by year's end.

However, ElevenLabs faces competition from other voice technology companies like Vapi, Thoughtly, and Retell, and potentially from OpenAI's secretive voice project. Despite this, the company has managed to gather more funding than its competitors. The details of the latest funding round are not yet finalized, and the figures involved are subject to change.

Key takeaways:

  • ElevenLabs, a startup that creates voice agents mimicking user's voice, is close to raising a new funding round that could increase its valuation to over $3 billion.
  • The potential funding round is being led by Iconiq Capital, with participation from Andreessen Horowitz.
  • The company, which primarily sells to publishers, content creators, and media and entertainment companies, is on track to hit $100 million in annual revenue by the end of the year.
  • Despite its success, ElevenLabs faces potential competition from OpenAI's secretive voice project, which allows companies to create a synthetic voice based on a real person's speech.
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