ElevenLabs Raises $80M And Shares Generative AI Voice Models, Tools and Deepfake Voice Marketplace
Generative AI voice startup ElevenLabs has raised $80 million in a Series B funding round co-led by Andreessen Horowitz and independent venture capitalists Nat Friedman and Daniel Gross, the same trio who led their $19 million round last June. ElevenLabs announced the cash in tandem with a swath of new products for creating, sharing, and embedding voice clones and other synthetic audio.
The $80 million in new funding takes ElevenLabs’ total raised to $101 million. ElevenLabs says its voice AI is now used by 41% of Fortune 500 employees. ElevenLabs tied a mix of new tools and platforms to the investment news. The company is adding more controls to its Dubbing Studio that will streamline the creation of dubbing tracks for whole films. That includes more options for composing and editing the transcripts and translations of the movie, as well as the timecodes for that audio. ElevenLabs is also starting tests for its Mobile Reader app, which can convert text submitted directly or as a website link into audio, with a three-month free trial option.
Those interested in earning some money from a synthetic version of their own voice can make and submit one to ElevenLabs’ new Voice Library marketplace. The platform will verify that the voice is from the person who claims it, and make it available in the Voice Library for others to use. If a content creator picks one of the Voice Library options, the person who submitted it will receive some compensation.
“Our ambition remains the same – to transform how we interact with content by breaking down language and communication barriers. We’re building cutting-edge technology to make content accessible across languages – and voices – to enable everyone to connect with information and stories that matter,” ElevenLabs CEO Mati Staniszewski said. “Our progress so far is a testament to our dedicated team and investors, and while it’s still only the beginning of our journey, together we’re helping shape the future of accessibility and communication.”
ElevenLabs has pumped out a steady stream of improvements since it officially launched a year ago. The release of the Eleven Multilingual V2 model in August accelerated its expansion with the addition of new language options. The company faced immediate misuse of its technology for unapproved deepfakes, leading to the development of a tool for detecting the sound of its synthetic voice models. Though the new funding will speed up development, ElevenLabs has already created revenue streams boosted by partnerships with companies like generative AI video startup D-ID, audiobook publisher Storytel, and game developer Paradox Interactive.