Have you ever wondered how Nvidia (NVDA), The New Yorker, Chess.com, and New York City Mayor Eric Adams are connected? Well, they are all clients of ElevenLabs, a startup that specializes in generating realistic audio using A.I technology. Founded in 2022 by former Google engineer Piotr Dabkowski and former Palantir strategist Mateusz Staniszewski, this London-based company has been making waves in Silicon Valley with its groundbreaking voice cloning capabilities. In just one year, ElevenLabs has seen its valuation soar to $3.3 billion after securing a $180 million round of funding led by Andreessen Horowitz and Iconiq Growth.
The influx of capital will enable ElevenLabs to further enhance its A.I. voices, making them more expressive and controllable. As CEO Mateusz Staniszewski puts it, “Speech is how we naturally communicate. This funding brings us closer to a world where digital interactions are seamless and effortless, just like a conversation.”
ElevenLabs offers a range of products, including tools for building interactive voice agents, generating custom voices and sound effects, and helping voice actors monetize A.I.-generated audio. Their technology has been embraced by over 60% of Fortune 500 companies, with clients ranging from A.I. companies like Perplexity AI to publishers like The Washington Post and The Atlantic. Even New York City Mayor Eric Adams has used ElevenLabs for multilingual robocalls.
While the rise of A.I.-generated voices has been met with some controversy, ElevenLabs remains committed to ensuring the safety and ethical use of its products. The company’s top backers, including Sequoia Capital and Salesforce’s venture arm, have shown their support by investing $281 million in ElevenLabs to date.
The A.I. voice industry is booming, with revenue expected to exceed $21 billion by the end of the decade. Other notable A.I. voice startups include WaveForms, Cartesia, Play AI, and Hume, all of which have seen significant funding in recent months.
In a world where technology is constantly evolving, ElevenLabs stands out as a leader in the field of A.I.-generated audio. With their innovative solutions and commitment to safety, they are paving the way for a future where digital interactions are more natural and seamless than ever before.