ElevenLabs, a member of the World Economic Forum’s Innovators community, began by developing AI text-to-speech models but has since grown into a broader platform, selling tools to business customers who are using AI-generated voices for customer service, sales and marketing and expanding into sound effects, dubbing, music and conversation. It is targeting the telecoms, financial services, publishing, healthcare, technology, retail and government sectors.
Earlier this month the London-based scale-up closed a $500 million funding round led by Sequoia Capital with participation from Andreessen Horowitz, Iconiq, Lightspeed Venture Partners, and chipmaker Nvidia, more than tripling its $3.3 billion valuation from just thirteen months earlier.
“This funding helps us go beyond voice alone to transform how we interact with technology altogether,” Piotr Dabkowski, who co-founded ElevenLabs in 2022 with Mati Staniszewski, said in a statement. “We plan to expand our creative offering helping creators combine our best-in-class audio with video and agents, enabling businesses to build agents that can talk, type, and take action.”
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