ElevenLabs has raised USD 180 million in Series C funding, bringing its total funding to USD 281 million since its 2022 launch. The round was co-led by a16z and ICONIQ Growth, with participation from new investors like NEA, World Innovation Lab (WiL), Valor, Endeavor Catalyst Fund and Lunate. Existing investors Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, and BroadLight Capital are also increasing their support, the AI Voice startup said in a statement on January 30, 2025.
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Partnerships and New Investors Support Growth
Headquartered in London, ElevenLabs plans to use the funding to expand its research into more expressive and controllable voice AI, create new products and expand its tools for developers and businesses. This new funding values the company at USD 3.3 billion, a threefold increase from its valuation a year ago.
ElevenLabs specialises in AI-powered speech technology and has introduced tools like Conversational AI for real-time, natural speech in AI agents, ElevenReader (a mobile app for converting written content into audio), and a Sound Effects Model for generating audio effects. It also offers features like voice design, dubbing, and monetisation platforms for voice actors. Its products serve a range of sectors, including customer support, gaming, education, and accessibility. Some of its partners include companies such as Nvidia, Perplexity, Synthesia, HeyGen, EliseAI, Wondershare, Kapwing, Parloa, Vapi, ESPN, The New Yorker, and more.
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Building Next-Gen AI
"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 of ElevenLabs.
"Voice is becoming a key part of how we interact with technology, and ElevenLabs is making it work at scale. We're thrilled to continue to support their work in building the next generation of AI," said David George, general partner and head of a16z's Growth Fund.
"We believe ElevenLabs is redefining the way we connect with digital environments, placing voice at the very heart of these transformative interactions. We are thrilled to partner with such an innovative team and contribute to their extraordinary journey to help reshape the future of voice technology," said Seth Pierrepont, General Partner at ICONIQ Growth.
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Expanding Product Offerings
ElevenLabs added that it broadened its product lineup by adding tools for speech generation, voice design, sound effects and AI-driven dubbing in 32 languages in 2024.
The company believes that a local focus is key to making technology relevant, which is why it has expanded into Poland and India, to invest in AI talent and development. "The new Warsaw R&D center will serve as a hub for CEE talent, while the India team focuses on extending Indic language coverage and AI programs," the company said.
