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ElevenLabs funding and valuation

In the competitive world of startups, the tales of funding rounds and valuations often serve as markers of success, growth, and potential. ElevenLabs, a name that has been generating buzz within the industry, is no exception. Here is everything you need to know about ElevenLabs' funding trajectory, as well as its perceived value and prominence in the market.

What is ElevenLabs?

ElevenLabs is a groundbreaking AI startup, positioning itself at the forefront of the voice AI and text to speech sector. With applications ranging from voice cloning to synthetic voices for audiobooks and podcasts, the company's tech brings innovation in the domain of generative artificial intelligence, aiming to revolutionize the workflow of dubbing and content creation.

ElevenLabs features

With an array of innovative offerings, from converting written text into lifelike speech to voice cloning, ElevenLabs is redefining the boundaries of audio content creation, so let’s break down its offerings:

Text to speech (TTS)

This feature allows users to convert written text into spoken words. By utilizing advanced algorithms, ElevenLabs can produce natural-sounding speech from any provided text. It's ideal for those who wish to make content accessible to those with reading difficulties or to offer an audio version of written materials.

TTS API

ElevenLabs’ API (Application Programming Interface) for text to speech means that developers can integrate ElevenLabs' TTS capabilities into their own applications or websites. This provides businesses and developers flexibility in offering voice services directly from their platforms, enhancing user experience.

Voice cloning

Voice cloning is a cutting-edge technology that allows for the creation of a unique digital voice based on a sample of someone's actual voice. In essence, once a voice is cloned, it can be used to read out any text, making it sound as if the original person is speaking, even if they never said those words.

Dubbing

ElevenLabs is preparing to launch an AI dubbing feature, offering automated dubbing solutions that could improve content localization and provide voices for characters in videos or films in numerous languages.

AI voice overs

Unlike traditional voice overs, which require human artists, AI voice overs use artificial intelligence to generate voice narrations. This can be especially beneficial for creating quick voice overs for commercials, instructional videos, or any other content where a human-like voice narration is required, without the logistical challenges of hiring and recording a human voice artist.

History of ElevenLabs

Born from a desire to transcend language barriers and improve audio content accessibility, ElevenLabs emerged in 2022 as a beacon in voice AI research and deployment. Founded by two best friends, Piotr Dabkowski, an adept machine learning engineer formerly of Google, and Mati Staniszewski, a strategic visionary from Palantir, the company was inspired by their shared experiences of inadequately dubbed Hollywood movies in their homeland of Poland.

This motivated them to envisage a platform that would seamlessly bridge linguistic chasms. ElevenLabs, driven by its mission, set forth on a path to make content universally accessible across multiple platforms—from education to gaming and from movies to real-time conversations.

ElevenLabs funding rounds

Venturing into the financial heart of startups, funding rounds emerge as defining moments, symbolizing both validation and vision. ElevenLabs, a growing player in the AI voice industry, has experienced a series of such pivotal moments, each marking a significant chapter in its growth narrative. Let’s dive into ElevenLabs’ funding rounds and the venture capital community who believed in their mission.

Pre-seed funding - August 2022

Closing their first funding round with 2 investors, Credo Ventures and Concept Ventures, ElevenLabs set the stage for what was to come.

Seed round - January 2023

A star-studded array of investors, including Credo Ventures, Alex Macdonald, Charlie Songhurst, Akhil Paul, Tytus Cytowski, Marta Pyrzyk, Tomasz Karwatka, Concept Ventures, Carles Reina, Peter Czaban, Talfan Evans, Dr. Fatima P. Godall, Piotr Karwatka, Bartosz Majewski, Gerard Miles, Bartek Pucek, and Parin Shah, poured in their support during ElevenLabs’ Seed round. The round saw ElevenLabs raise a staggering $2 million, placing its valuation at a whopping $100 million.

Series A funding - June 2023

Notably led by giants such as Andreessen Horowitz, SV Angel, and Credo Ventures, ElevenLabs’ Series A round witnessed a substantial inflow of $19 million. With names like Mustafa Suleyman, Nat Friedman, Mike Krieger, Storytel, Daniel Gross, Brendan Iribe, Guillermo Rauch, TheSoul Publishing, Creator Ventures, Concept Ventures, and Tim O'Reilly, ElevenLabs solidified its position as a notable player in the AI startup scene.

Investors

ElevenLabs’ angel investors include Instagram co-founder Mike Krieger, Oculus VR co-founder Brendan Iribe, Deepmind & Inflection co-founder Mustafa Suleyman, Perplexity AI co-founder Aravind Srinivas, Ubiquity6 co-founder Anjney Midha, Reface co-founder Dima Shvets, Inkitt co-founder Ali Albazzaz, Vercel founder Guillermo Rauch, O'Reilly Media founder Tim O'Reilly, Creator Ventures, and SV Angel.

ElevenLabs valuation

From its inception, ElevenLabs showcased a promising trajectory. After being in the business for just a year, the company was already valued at $100 million in its Seed funding round by January 2023. An inside source confided to TechCrunch that the post-money valuation for this AI startup, post the Seed round, was around $99 million — an impressive feat. Such a valuation underlines the tremendous potential the market sees in ElevenLabs, especially given its business model around voice AI and the future of long-form content like audiobooks and podcasts.

Speechify Voice Over Studio — #1 ElevenLabs alternative

In the world of AI-driven voice solutions, Speechify Voice Over Studio emerges as a noteworthy contender, challenging startups like ElevenLabs. With its exceptional offering of over 200 lifelike narrator options, Speechify Voice Over Studio ensures that users are treated to voice overs that are virtually indistinguishable from genuine human voices. But what truly sets it apart is its granular word-level control. Users can intricately customize pronunciation, pauses, pitches, and more, allowing for a tailored auditory experience that fits every nuanced requirement. Whether you're a content creator, a marketer, or simply someone in need of a voice solution, Speechify Voice Over Studio's capabilities might just be the game-changer you've been looking for, so try Speechify Voice Over Studio for free today.

FAQ

What cities hire the most voice over artists?

New York and San Francisco are among the top cities that hire the most voice over artists, given their thriving media, advertising, and tech industries.

What is ChatGPT and why is it so popular?

ChatGPT, a product of OpenAI, is a state-of-the-art AI model known for its advanced natural language processing capabilities, gaining popularity due to its ability to generate human-like text based on given prompts.

Who is the CTO of ElevenLabs?

Piotr Dabkowski is the CTO and co-founder of ElevenLabs.