ElevenLabs, a leading AI voice technology startup, has raised $250 million in its Series C funding round at a valuation between $3 billion and $3.3 billion.
The funding, led by ICONIQ Growth, follows a year of explosive growth for the company, with previous backer Andreessen Horowitz also rumored to participate.
This new valuation triples ElevenLabs’ unicorn status achieved during its $80 million Series B raise in January 2024. Official confirmation of the round is expected soon, as sources suggest the company initially aimed for a $4 billion valuation.
Founded in 2022 by Mati Staniszewski and Piotr Dabkowski, childhood friends from Poland, ElevenLabs emerged with a mission to revolutionize voice technology.
Drawing from their experiences at Palantir and Google, the duo developed tools like voice cloning, text-to-speech translation, and audio voice editing.
Their innovation, born from a desire to improve low-quality dubbing in media, perfectly aligned with the growing demand for generative AI solutions in multimedia applications.
ElevenLabs has grown rapidly since releasing its beta product in January 2023. By June of the same year, the company secured $19 million in Series A funding, fueled by viral adoption of its technology.
While its tools have faced controversies related to misuse, ElevenLabs has implemented robust safeguards and detection mechanisms, making it a trusted partner for businesses. Today, its clients include major publishers like The Washington Post and HarperCollins, gaming companies, and tech platforms such as Synthesia.The company’s impressive growth is reflected in its financial performance, with annual recurring revenue (ARR) climbing from $25 million in 2023 to an estimated $90 million by late 2024. Despite strong competition from giants like Google and OpenAI, ElevenLabs has cemented its position as a leader in AI voice technology, with this latest funding round set to accelerate its development and global reach.
