ElevenLabs, the AI voice startup founded by former Google and Palantir employees, has achieved unicorn status within two years of its inception, following an $80 million Series B funding round. The round, co-led by existing investors Andreessen Horowitz (a16z), former GitHub CEO Nat Friedman, and former Apple AI leader Daniel Gross, valued the company at $1.1 billion, marking a ten-fold increase from its previous valuation of about $100 million in a $19 million Series A round six months ago.
ElevenLabs specializes in utilizing machine learning for voice cloning and synthesis in various languages. The company plans to utilize the funding to advance its research and enhance its product offerings. Additionally, ElevenLabs introduced new features, including a tool for dubbing full-length movies and a marketplace where users can monetize their cloned voices.
The new features are set to roll out in the coming weeks. One noteworthy addition is the Dubbing Studio workflow, a professional tool that enables users to dub entire movies in their preferred language. The workflow also allows users to generate and edit transcripts, translations, and timecodes, providing more control over production. While supporting 29 languages like AI Dubbing, Dubbing Studio lacks lip-syncing, a critical element for content localization.
ElevenLabs aims to address challenges related to content localization, particularly in a world where languages and dialects vary across regions. The company’s technology combines context awareness and high compression to deliver ultra-realistic speech, allowing for the creation of authentic localized content. With over a million users and partnerships with 41% of the Fortune 500, ElevenLabs continues to innovate its products, catering to a broad range of applications, including audience experiences, education, publishing, entertainment, and accessibility.