AI voice generator company, ElevenLabs, has reached unicorn status after its latest series B funding round achieved $80m, valuing the company over $1bn.
The funding round was co-led by veteran venture capital firm Andreessen Horowitz and investors Nat Friedman and Daniel Gross, both of whom have previously worked as a software developer and engineer respectively.
ElevenLabs has stated that its users have already generated over 100 years’ worth of audio and its software is currently being used by 41% of Fortune 500 companies.
Alongside the news of its funding, ElevenLabs has also announced that it will preview a mobile app within the next few weeks.
The app will allow users to instantly convert text to audio whilst on the move. Users will be able to access the app free of charge for the first three months.
ElevenLabs touts its AI voice generator for multiple use cases in publishing, media creation, entertainment and gaming.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“[ElevenLabs’] mission remains the same- to transform how we interact with content by breaking down language and communication barriers,” stated ElevenLabs CEO Mati Staniszewski, “while it’s still only the beginning of our journey, together we’re helping shape the future of accessibility and communication.”
AI generated voice content can help accessibility.
YouTuber and content creator Thomas Smith wrote on Medium describing his experience using ElevenLabs AI to generate voice-over content after losing his own voice due to illness.
“Unlike old-school computer voices, this one sounds remarkably similar to me,” Smith wrote, “I think a big part of that is the fact that ElevenLabs’ voice generation AI mimics my mistakes — the pauses, errors and hesitations present in a real speaker’s voice.”
Smith only needed to upload around five minutes of his voice to achieve an accurate result. Whilst his voice was only temporarily lost due to a short illness, other people who have a harder time speaking may benefit long-term from this technology.
Generative AI is predicted to be the fastest growing segment of AI according to forecasts by research and analyst company GlobalData.
Generative AI revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 and impact nearly every sector.