Following the release of their groundbreaking AI voice innovation, ElevenLabs has secured a substantial $80 million in Series B funding.
(Photo : ElevenLabs)
ElevenLabs has unveiled a new multilingual voice generation model that can produce emotionally expressive AI audio content in nearly 30 languages.
Receiving Funds
Renowned for its advancements in natural speech synthesis, ElevenLabs enables users to craft AI voices encompassing various languages, accents, and a broad spectrum of emotions and intonations.
The Series B funding round was co-led by prominent investors Andreessen Horowitz, Nat Friedman, and Daniel Gross, with additional support from Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures.
Bloomberg reported that this significant investment solidifies ElevenLabs' position as a global leader in voice AI research and product development.
The company's pioneering work in natural speech synthesis has allowed users to generate over 100 years' worth of audio content. Since its public launch, ElevenLabs has expanded its team from 5 to 40 employees, achieving adoption by professionals at 41 percent of Fortune 500 companies.
ElevenLabs has entered a pivotal phase with the successful acquisition of Series B funding, marking a noteworthy achievement in their ongoing efforts to redefine how content is accessed across diverse sectors.
Mati Staniszewski, the CEO of ElevenLabs, expresses in its official press release that genuine excitement about this financial boost. He acknowledges the team's unwavering commitment, emphasizing the lasting impact they've made on the field of voice AI.
With this influx of funds, ElevenLabs is well-positioned to take on more significant challenges and continue leading the way in groundbreaking research and product development within the voice AI landscape.
Releasing AI Voice Innovation
In conjunction with the funding announcement, Interesting Engineering reported that ElevenLabs introduces a suite of innovative products poised to redefine the voice AI landscape.
Key among these is the Dubbing Studio, a marketplace named Voice Library, a preview of the Mobile Reader App, and upgraded models featuring enhanced speed and language coverage.
These advancements extend ElevenLabs' influence across diverse sectors, including the creator economy, publishing, conversational AI, entertainment, education, and accessibility.
The Dubbing Studio offers users a comprehensive workflow for dubbing entire movies, providing heightened control over content production. The Voice Library marketplace establishes a secure space for users to monetize AI versions of their voices, fostering a community-driven ecosystem.
Additionally, the Mobile Reader App provides users with an early look at a tool facilitating the conversion of text and URLs into audio, enhancing accessibility for users on the go.
ElevenLabs' technology has already made a notable impact on publishing, gaming, media, and conversational AI. Collaborations with industry leaders such as Storytel, The Washington Post, and Paradox Interactive underscore the company's dedication to innovation and partnership.
The company's toolkit has steadily expanded, covering Speech Synthesis, Voice Design, Voice Cloning, and AI Dubbing, catering to a diverse array of user requirements.
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In demonstrating its commitment to responsible AI development, ElevenLabs has implemented safeguards like the AI Speech Classifier to ensure content authenticity.
The Series B funding will be directed toward advancing research, expanding infrastructure, developing vertical-specific products, and fortifying safety measures, ensuring the ethical progression of AI technology.
As ElevenLabs charts its course into the future of voice AI, Staniszewski concludes that their ambition remains unwavering to transform how we engage with content by dismantling language and communication barriers.
Related Article: ElevenLabs Introduces New AI Voice-Generating Tools Out of Beta
