Jan 22, 2024
Following its largest round of fundraising, London-based artificial intelligence (AI) startup ElevenLabs on Monday secured unicorn status.
Reuters, citing sources, reported that ElevenLabs raised $80 million in Series B funding from investors led by venture capitalist Andreessen Horowitz along with entrepreneurs Nat Friedman and Daniel Gross, with participation from Sequoia Capital among others.
It should be noted that the funding came on the back of rising investor interest in generative AI technology.
ElevenLabs — which was founded two years ago — did not disclose the valuation but sources stated that the round valued it a $1.1 billion — making it a billion-dollar startup (unicorn).
The two-year-old firm did not disclose a valuation but the person said the round valued it at $1.1 billion, making it a unicorn - or billion-dollar startup.
Data released by PitchBook showed that this marks a jump from the $100 million valuation in its previous funding around in 2023. It
ElevenLabs has developed AI models and tools for creating AI-generated voices with different languages, accents and emotions. It employs about 40 remote workers globally and plans to expand to 100 by year-end, its chief executive, Mati Staniszewski said.
The company said its growing customer base consists of individual content creators as well as enterprises such as Storytel, Paradox Interactive, and The Washington Post.
Political campaign staff in the United States are using ElevenLabs to reach voters who speak foreign languages, Staniszewski said.
