Despite its growth, voice AI lacks a dominant player, partly due to frontier labs' cautious approach to releasing text-to-speech products amid concerns over misuse and deepfakes. However, the commercial potential is significant, prompting Big Tech to gradually enter the space. Companies like ElevenLabs have already gained traction, making it challenging for new entrants to displace established players. As consumer appetite for voice AI continues to rise, the sector is poised for further expansion and innovation.
Key takeaways:
- Voice AI startups raised over $398 million in VC funding in 2024, with significant investments in companies like PolyAI and ElevenLabs.
- The technology is expanding into enterprise uses, such as customer service and virtual assistants, with real-time speech-to-speech processing unlocking new applications.
- Investors are excited about the untapped opportunities in the voice AI sector, viewing it as a technology stack with multiple layers and use cases.
- Despite its growing popularity, voice AI lacks an established juggernaut, with frontier labs cautious about entering the space due to potential misuse concerns.