ElevenLabs, the AI voice technology leader, recently announced the successful completion of its Series C funding round, raising $180 million, significantly boosting its ambitions to revolutionize digital interactions through voice.
This latest funding came as part of efforts to develop advanced AI audio technologies, which are increasingly being integrated across various sectors including content creation, customer support, gaming, and accessibility. The fresh capital will allow ElevenLabs to reinforce its position as the industry leader, promoting innovations aimed at enhancing user experience through more expressive and controllable voice AI.
The funding round was co-led by renowned venture capital firms Andreessen Horowitz (a16z) and ICONIQ Growth, with participation from several new investors including NEA, World Innovation Lab (WiL), Valor, Endeavor Catalyst Fund, and Lunate. Notably, existing big-name backers like Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, and BroadLight Capital increased their stakes, signaling strong confidence in ElevenLabs’ potential.
With this funding, ElevenLabs’ valuation surged to $3.3 billion, marking a substantial increase from approximately $1 billion just one year earlier—a clear indicator of its rapid growth since its inception.
“Speech is how we naturally communicate. This funding moves us closer to a world where digital interactions happen by voice – fluid, natural, and as effortless as a conversation,” said Mati Staniszewski, CEO and co-founder of ElevenLabs. His vision reflects the company's commitment to transform how people engage with technology, positioning voice as the primary medium.
The company, founded by Staniszewski and Piotr Dąbkowski—both former engineers at Google and Palantir—has quickly attracted attention since launching its platform for AI-generated voice solutions. ElevenLabs allows users to synthesize hyper-realistic voices, enabling applications ranging from messing with entertainment to more sophisticated uses like aiding those with speech impairments. Its voice AI technology is already utilized by employees at over 60% of Fortune 500 companies.
These developments come on the heels of significant product expansions. Over the past year, ElevenLabs has broadened its offerings to include tools such as Conversational AI for real-time interactive voice agents, Voice Design, which enables users to generate custom voices from text descriptions, and the ElevenReader app, which converts written content like ebooks and PDFs to speech, making information accessible on the go.
The firm has also expanded its international presence, with hubs now operational in London, New York, and Warsaw. Going forward, ElevenLabs is aiming to extend its reach across regions like Asia, Latin America, and EMEA, working with strategic investors to refine and localize its technology to suit various markets.
Another notable development is the introduction of the Voice AI Speech Classifier, aimed at ensuring ethical practices by identifying AI-generated audio. This demonstrates ElevenLabs’ commitment to responsible AI use, addressing growing concerns around the integrity and authenticity of digital content. The company champions ethical AI, launching initiatives like its Impact Program, which provides free AI voice solutions for accessibility and education. More than 1,000 individuals with speech impairments have benefited from these services.
“Voice is becoming a key part of how we interact with technology, and ElevenLabs is making it work at scale,” remarked David George, general partner at a16z, underscoring the industry's acknowledgment of the company's pivotal role.
With its ambitious roadmap for the future, ElevenLabs looks to amplify its influence far beyond its origins. With over 120 employees currently and more than 25 open positions, the firm is eager to attract talent to propel its innovation agenda forward.
Going forward toward 2025, Staniszewski envisions voice technology as central to how users will experience digital products and services. Through continued research efforts and product enhancements, ElevenLabs aims to deliver advanced AI audio solutions, thereby significantly shaping the interactions between humans and technology.