Generative AI-based voice development software maker ElevenLabs has become a unicorn, after closing an $80 million Series B round funding.
The AI-voice cloning startup’s $80 million support is led by California-headquartered VC firm Andreessen Horowitz, American entrepreneur Daniel Gross, and Nat Friedman (ex-CEO, GitHub), alongwith firms like Sequoia Capital, Smash Capital, SV Angel, Credo Ventures, and BroadLight Capital, the company announced in a blog post.
$80 Million Capital: What ElevenLabs Plans To Do
ElevenLabs was founded in 2022 by Piotr Dabkowski (the current CTO) and Mati Staniszewski. It specializes in developing AI-based voice generation software. With the help of its AI voice tools, users can transform text into speech and also, speech into AI-transformed speech.
The company plans to use the $80 million capital into furthering its research, expanding infrastructure, and making new products for specific verticals. It said that the capital would also be used to improve safety measures so that AI technology is used in an ethical way.
ElevenLabs’ AI-based Voice Generating Products
The voice technology software maker’s products include Speech Synthesis, Voice Design, Voice Cloning, Speech to Speech and AI Dubbing tool.
According to ElevenLabs, Speech Synthesis is “for lifelike text-to-speech conversion, along with a Turbo model optimized for latency” while with Voice Design and Voice Cloning, the company can create “bespoke voices”.
The Speech to Speech AI tool can transform one voice into another. Besides English, the startup plans to add more languages to its Turbo and Speech to Speech models.
ElevenLabs claims that its AI Dubbing tool is “capable of automatically translating audio and video into 29 languages whilst preserving the original speaker’s voice and emotions.”
B2B Partnerships With The Washington Post, Paradox Interactive And More
In 2023, ElevenLabs entered into B2B partnerships with several organizations from publishing, AI, media, entertainment, and gaming industries. The list includes Curio, Storytel, The Washington Post, FlowGPT, SimpleTalk AI, Wondershare Filmora, Futuri Media, Paradox Interactive, NetEase, etc.
ElevenLabs’ Upcoming Products
Alongside the $80 million boost, ElevenLabs also announced its upcoming products, scheduled to go live in the coming weeks. These are the Dubbing Studio tool, Voice Library marketplace and the Mobile app reader.
Dubbing Studio Tool
As per ElevenLabs, the Dubbing Studio tool would allow users to “dub entire movies, as well as generate and edit their transcripts, translations, and timecodes, providing additional control over content production.”
Voice Library Marketplace
The Voice Library marketplace is a platform where people can earn from AI-versions of their original voices. When others use the original creators’ AI-voice, the startup will compensate the original creators. ElevenLabs says that the creators will “always retain control over their voice’s availability and compensation terms.”
Mobile App Reader
The Mobile App reader can convert text and URLs into audio immediately to provide relevant content to users quickly.
Speaking of ethical use of AI, the European Union’s executive vice-president Margrethe Vestager has defended the proposed Artificial Intelligence Act. With the AI Act, EU wishes to bring makers of generative AI models like OpenAI under strict regulation.