The company’s valuation surged from $99 million in June’s Series A, where it raised $19 million. The Series B funding, a notable increase from the Series A, was co-led by Andreessen Horowitz, Nat Friedman, and Daniel Gross, with participation from Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital, and Credo Ventures.
ElevenLabs specializes in AI software that replicates voices in multiple languages. The company is gearing up to introduce new offerings, including a dubbing studio and a voice library marketplace. CEO Mati Staniszewski emphasizes ElevenLabs’ commitment to reshaping content interaction by overcoming language and communication barriers. Their advanced technology aims to make content universally accessible, connecting people with diverse information and stories.
In 2023, generative AI and related startups garnered nearly $50 billion, with several massive funding rounds. Despite a general slowdown in the venture capital sector, AI startups have already raised over $1 billion in the first three weeks of 2024, underscoring the industry’s resilience. Founded in 2022, ElevenLabs has amassed a total of $101 million in funding, according to Crunchbase, reflecting robust investor confidence and the growing significance of AI technology in the market.