ElevenLabs, a leader in synthetic voice technology, has raised a $250 million Series C funding round, pushing its valuation to over $3 billion, according to a recent TechCrunch report. This milestone marks a significant leap for the New York-based startup, which specializes in AI-powered voice cloning and dubbing tools.
Led by ICONIQ Growth and supported by previous investors like Andreessen Horowitz, this funding follows ElevenLabs’ rapid growth. The company previously raised $80 million in January 2024 during its Series B. In less than a year, its valuation has tripled, reflecting strong demand for its AI audio solutions across industries.
Founded in 2022 by Polish childhood friends Mati Staniszewski and Piotr Dabkowski, ElevenLabs began with a vision to improve voice dubbing in multimedia content. Since launching its first beta in January 2023, the company has gained widespread adoption. Customers include publishing giants like The Washington Post, HarperCollins, and Bertelsmann, as well as gaming and technology companies.
The platform offers a suite of tools via API, enabling text-to-speech translation, voice cloning, and audio editing in multiple languages. While ElevenLabs has faced challenges, including concerns over misuse of its technology, it has implemented safeguards to ensure ethical use.
In 2023, the company’s annualized recurring revenue (ARR) soared from $25 million to $80 million, with sources estimating it may now exceed $90 million. This success aligns with the broader rise of generative AI services that integrate sound and video with AI-driven text capabilities.
With competitors like Google and OpenAI, ElevenLabs’ continued growth highlights its position as a key player in the fast-evolving AI audio landscape.
