ElevenLabs, a leading synthetic voice technology company, has announced the successful closing of a $180 million Series C funding round, bringing its total capital to $281 million since its inception in 2022. The fundraising effort was co-led by A16Z and ICONIQ Growth, with participation from new investors like NEA, WiL, Valor, and Lunate. Existing investors such as Sequoia Capital and Salesforce Ventures also increased their stakes.
The company, now valued at $3.3 billion post-money, plans to use the funds to expand its audio tools and enhance business development initiatives. CEO Mati Staniszewski emphasized the company’s focus on creating expressive audio AI models and integrating text-based systems with audio for multimodal interactions.
ElevenLabs has been attracting significant attention from investors and tech companies due to its innovative AI-driven audio solutions. Major media, gaming publishers, and tech startups are leveraging ElevenLabs’ technology to enhance their voice and audio features. Strategic investors like Deutsche Telekom, LG Technology Ventures, and HubSpot Ventures have also shown interest in the company’s technology.
Despite challenges regarding misuse of its technology in misinformation campaigns, ElevenLabs remains committed to upholding safety measures and industry standards. The company aims to responsibly navigate the competitive AI audio market with its innovative solutions and growing customer base.
The company’s strategic vision and commitment to innovation have positioned ElevenLabs for continued success in the rapidly evolving AI audio sector, ensuring it remains at the forefront of technological advancements.
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