ElevenLabs, the New York-based startup known for its advanced synthetic voice and dubbing tools, has raised $250 million in a Series C funding round led by ICONIQ Growth. The round values the company at $3 billion to $3.3 billion, tripling its valuation from its $80 million Series B in early 2024. Andreessen Horowitz, a previous investor, is also believed to have participated in the round.
Founded in 2022 by childhood friends Mati Staniszewski and Piotr Dabkowski, former employees of Palantir and Google respectively, ElevenLabs has rapidly gained traction with its AI-powered voice technology. The company initially focused on improving the quality of dubbing but has since expanded into a range of applications, including voice cloning, multilingual text-to-speech, and voice editing. Its services, accessible via API, have attracted high-profile clients such as the Washington Post, HarperCollins, and gaming companies.
Despite some early controversies over misuse, ElevenLabs has implemented safeguards to ensure responsible use of its technology. The company’s rapid growth has been fueled by increasing adoption of generative AI in multimedia content creation. Its annualized recurring revenue (ARR) has surged from $25 million in 2023 to an estimated $90 million in late 2024, positioning ElevenLabs as a leader in the competitive AI voice market.
Featured image: Credit: ElevenLabs
