ElevenLabs Raises USD 80M Series B, Launches Dubbing Studio

Multilingual AI voice and AI dubbing startup ElevenLabs is scaling quickly: Compare USD 19m, raised in a June 2023 Series A, with USD 80m via a Series B, which the company announced on January 22, 2024.

VC firm Andreessen Horowitz, Nat Friedman, and Daniel Gross co-led the funding round, with participation from Sequoia Capital, SV Angel, Smash Capital, BroadLight Capital, and Credo Ventures.

Including a USD 2m pre-seed funding round, ElevenLabs’ total funds raised has reached USD 101m, and, according to Crunchbase, the company said it has reached “unicorn status” — a term typically used to denote a privately held startup with a valuation of at least USD 1bn and 10x the startups’ Series A valuation. 

It is also about thirteen times the current market cap of remote dubbing leader ZOO Digital. A lot of things have to go right over the coming two to three years for ElevenLabs to grow into this billion-dollar valuation.

The shift to a new echelon, as it were, did not go unnoticed on social media. On X, one observer commented, “ElevenLabs has a MONSTER list of angel investors. Founders of billion-dollar companies here.”

Brooklyn-based ElevenLabs has moved fast since its April 2022 founding, which kicked off with an initial focus on text-to-speech and voice cloning software.

Its newest product developments include Dubbing Studio, for movie dubbing; a Voice Library marketplace, which enables users to pay for verified AI versions of professional creators’ voices; and an early-preview Mobile Reader App for text-to-audio conversion.

An official press release about the Series B also mentioned ElevenLabs’ expanded presence in multiple sectors, naming The Washington Post and Ollang among its more than 15 partnerships across publishing, conversational AI, entertainment, and gaming. 

ElevenLabs said it will use funds raised in this round to enhance product offerings, refine AI technology deployment, and ensure safe usage.