AI Voice Cloning Startup ElevenLabs Secures $80 Million In Funding And Unveils Dubbing Studio!

What began as a mission to overcome language barriers and make content universally accessible has evolved into a groundbreaking force in the world of voice synthesis and cloning.

Confused?

Well, in a groundbreaking move, ElevenLabs, the AI voice startup founded by former Google and Palantir employees, has catapulted to unicorn status within just two years of its inception. The company recently announced an impressive $80 million in series B funding, bringing its valuation to a staggering $1.1 billion.

The investment was co-led by stalwart investors Andreessen Horowitz (a16z), former GitHub CEO Nat Friedman and former Apple AI leader Daniel Gross, alongside contributions from Sequoia Capital and SV Angel. This comes on the heels of a $19 million series A round merely six months ago, valuing the company at $100 million.

TechDogs-"A Screengrab Showing ElevenLabs Dubbing Studio Tool."

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What You Need To Know About ElevenLabs?

In 2022, ElevenLabs emerged on the scene, gradually expanding its presence in the field. Initially gaining attention with a cutting-edge text-to-speech model producing lifelike AI (Artificial Intelligence) voices in English, the company quickly progressed to unveil Eleven Multilingual v1 and v2.

Within months of its beta launch, ElevenLabs attracted over a million users and secured partnerships with over 100 B2B entities, including 41% of the Fortune 500 and esteemed publishers like Storytel, The Washington Post and TheSoul Publishing.

ElevenLabs diversifies its offerings with the launch of an accessibility app, converting text or URLs into audio and a Voice Library marketplace for users to sell their AI-cloned voices.

The company ensures authenticity through a rigorous verification process, including voice captcha and manual approval.

Wait…wait…there’s more!

What Makes This Move By ElevenLabs Stand Out?

Founded by former Google and Palantir professionals Piotr Dabkowski and Mati Staniszewski from Poland, ElevenLabs aims to overcome language barriers and make content universally accessible.

ElevenLabs has mastered the art of using machine learning for voice cloning and synthesis across multiple languages. The company plans to leverage the new capital to advance research and enhance its product offerings.

As the user base expands, ElevenLabs has also introduced the Dubbing Studio workflow, providing professional users with tools to dub entire movies in their preferred language. While supporting 29 languages, the Dubbing Studio plans to include lip-syncing capabilities in the future.

The latest suite of features includes a tool for dubbing full-length movies and an unprecedented marketplace for users to monetize their cloned voices.

In fact, ElevenLabs isn't just riding the wave of success; it's reshaping the AI-powered voice technology landscape with a host of new features!

That’s not all, ElevenLabs also aims to become a global leader in voice AI research and product deployment. The company plans to develop advanced tools for professional users, while implementing safety controls in a rapidly growing market, to capitalize on the projected $5 billion market for AI-powered voice and speech generation by 2032 (as estimated by Market US).

Do you think this move by ElevenLabs would help them lead the race for AI voice solutions? Should more regulatory oversight be placed on innovations in AI voice cloning technology?

Feel free to pitch your thoughts in the comments sections below!

First published on Wed, Jan 24, 2024

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