“New York-based tech start-up, ElevenLabs, has recently announced the successful close of a Series C funding round, with a massive boost of $250 million. This funding round, led by notable investor ICONIQ Growth, places the company’s valuation anywhere between $3 to $3.3 billion, according to various sources.
This rapid capital influx comes as a result of the company’s AI audio technology experiencing unprecedented demand. Previously, ElevenLabs was contemplating funding at a $4 billion valuation. But even the $3 billion is a three-fold leap from the unicorn status the company achieved during their Series B funding last year.
The brainchild of Mati Staniszewski and Piotr Dabkowski, who formerly held positions at industry giants Palantir and Google, ElevenLabs was founded in 2022. Their innovative concept aimed to capitalize on the growing industry need for better quality dubbing using AI technology.
The groundbreaking synthetic voice tech developed by ElevenLabs sees usage across a vast array of applications. This includes text-speech translation in multiple languages, voice cloning and modification, entirely new voice creation, and various other voice editing tools. Prominent customers include multimedia companies, publishing powerhouses like the Washington Post, HarperCollins and Bertelsmann, tech platforms like Synthesia, and myriad gaming companies.
The start-up’s rocketing sales figures display clear indications of the wide-spread acceptance and application of their technology. The stark increase in their annual recurring revenue from $25 million in 2023 to a projected $90 million is testimonial to this ascent.”
Original source: Read the full article on TechCrunch
