ElevenLabs Latest AI Unicorn After $80M Raise

Voice AI startup ElevenLabs raised an $80 million Series B at a unicorn valuation as investor interest in all AI tech remains at an all-time high.

The Brooklyn-based company did not release an exact valuation, but did say it had reached “unicorn status.”

That represents a significant up round from its Series A in June, when the firm raised $19 million at a $99 million post-money valuation.

The Series B was co-led by Andreessen Horowitz, Nat Friedman and Daniel Gross, and joined by Sequoia Capital, SV Angel 1, Smash Capital, BroadLight Capital and Credo Ventures.

ElevenLabs allows creators, enterprises and others to use AI software to replicate voices in dozens of languages. The company is set to launch a set of new products, including a dubbing studio and a voice library marketplace.

“Our ambition remains the same — to transform how we interact with content by breaking down language and communication barriers,” said CEO Mati Staniszewski in a release. “We’re building cutting-edge technology to make content accessible across languages — and voices — to enable everyone to connect with information and stories that matter.”

More money

Generative AI and AI-related startups raised nearly $50 billion in 2023, per Crunchbase data, including eight rounds of $500 million or more and many other nine-figure deals.

While this year is not on that crazy pace, similar startups already have raised more than $1 billion in the first three weeks of this year — showing that even as the venture world slows down, the AI sector remains immune to any declines.

Founded in 2022, ElevenLabs has raised $101 million, per Crunchbase.