Voice cloning AI start-up ElevenLabs raises $80mn, joins unicorn club
What's the story
Voice AI start-up ElevenLabs has secured $80 million in Series B funding, led by venture capitalist Andreessen Horowitz and entrepreneurs Nat Friedman and Daniel Gross, with Sequoia Capital and others joining in. This funding round has catapulted the London-based company to unicorn status with a valuation of $1.1 billion. If a start-up is worth over $1 billion, it is termed as a unicorn. ElevenLabs specializes in tools that generate AI voices in various languages, accents, and emotions.
Details
ElevenLabs's expansion plans to increase customer base
Currently employing 40 remote workers from around the globe, ElevenLabs aims to expand its workforce to 100 by year's end. CEO Mati Staniszewski shared that their growing clientele includes individual content creators and big enterprises like Storytel, Paradox Interactive, and the Washington Post. Interestingly, political campaigners in the US are also using ElevenLabs's tech to connect with voters who speak foreign languages.
What Next?
ElevenLabs's unique AI speech classifier and marketplace development
One of the company's offerings is AI Speech Classifier, a tool that identifies AI-generated audio content. ElevenLabs is also developing a marketplace where users can create AI voices and earn money by licensing them. Staniszewski stated, "We'll see more AI content across social media campaigns. The key is to make sure that people are aware that it's AI. We are big proponents of being able to detect AI content and trace it back."
Insights
ElevenLabs's competition with OpenAI and future plans
While competing with other AI firms like OpenAI, which popularized generative AI through ChatGPT, Staniszewski believes ElevenLabs's focus on building both research and workflow layers sets them apart. The funds raised will be channeled into product development, expanding infrastructure and team, AI research, and "enhancing safety measures to ensure responsible and ethical development of AI technology," according to Staniszewski.
Facts
Addressing ethical concerns and voice actor marketplace
Addressing concerns about potential misuse of its technology, ElevenLabs has taken action against users violating its terms of service and developed a tool to detect speech created by its platform. The company is also working on a voice actor marketplace, currently in alpha, which allows users to create, verify, and share voices while maintaining control over their voice's availability and compensation terms. This initiative aims to harmonize AI advancements with established industry practices and bring diverse voices to the platform.