ElevenLabs Raises $180M Series C, Triples Valuation to $3.3B

ElevenLabs Raises $180M Series C, Triples Valuation to $3.3B

AI audio pioneer ElevenLabs has secured $180 million in Series C funding, valuing the company at $3.3 billion. The latest investment round, co-led by Andreessen Horowitz (a16z) and ICONIQ Growth, underscores growing confidence in AI-powered voice technology and its potential to transform digital interactions.

Key Points:

  • Over 250,000 customized AI agents created on ElevenLabs' conversational AI platform since launch
  • Company's technology now used by employees at over 60% of Fortune 500 companies
  • Users have generated 1,000 years worth of AI audio content through the platform

ElevenLabs has emerged as a significant player in the AI audio landscape since its founding in 2022. The company's rapid growth is evident in its remarkable valuation increase from $1 billion just a year ago. "Speech is how we naturally communicate. This funding moves us closer to a world where digital interactions happen by voice - fluid, natural, and as effortless as a conversation," says Mati Staniszewski, CEO of ElevenLabs.

The investment round attracted notable new investors including NEA, World Innovation Lab, and Lunate, while existing backers Sequoia Capital and Salesforce Ventures increased their support. Strategic investors Deutsche Telekom, LG Technology Ventures, and HubSpot Ventures also joined the round, bringing ElevenLabs' total funding to $281 million.

The company plans to direct the new capital toward enhancing its AI models for more expressive and controllable voice generation. "We have always felt that audio is a very important modality, and we thought there will be a very big company built in this category," says ICONIQ partner Seth Pierrepont, who will join ElevenLabs' board.

ElevenLabs has made significant strides in product development, introducing tools for speech generation, voice design, and AI-powered dubbing in 32 languages. The company's technology powers voice features for major platforms including Perplexity, Chess.com, ESPN, and The Atlantic. Its Voice Library has enabled creators to earn over $2 million through voice monetization.

However, the company faces challenges in preventing misuse of its technology. ElevenLabs has implemented strict policies against unauthorized impersonation and employs both machine-led and human moderation to combat potential abuse. The company provides public tools to verify whether audio was generated through its platform, demonstrating its commitment to responsible AI development.

Looking ahead, ElevenLabs aims to expand its global presence, particularly in Asia, Latin America, and EMEA regions. The company has grown from 30 to 120 employees across its London, New York, and Warsaw offices, with plans to further invest in research and development capabilities.

The funding marks a significant milestone for ElevenLabs as it works to make voice technology more accessible and natural in digital interactions. With its expanding suite of tools and growing enterprise adoption, the company appears well-positioned to shape the future of AI-powered audio communication.

Chris McKay is the founder and chief editor of Maginative. His thought leadership in AI literacy and strategic AI adoption has been recognized by top academic institutions, media, and global brands.

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