- Voice cloning startup ElevenLabs raised $80 million, reaching a $1 billion valuation.
- The round was led by top investor Andreessen Horowitz, cementing
- ElevenLabs as a leader. However, ethical concerns over synthetic voices continue to plague the space.
ElevenLabs, a startup using AI to create custom synthetic voices, raised $80 million in a Series B funding round – propelling its valuation to over $1 billion. The round’s co-leads included top VC firm Andreessen Horowitz, cementing ElevenLabs as a leader in voice tech.
Entering new verticals
Founded just two years ago, ElevenLabs offers tools to edit vocal characteristics like emotion and cadence. It is moving into new verticals like games, audiobooks, and dubbing films. However, ethical concerns plague the voice cloning space.
Actors fear losing work, while some users spread misinformation mimicking celebrities.
Expansion plan
In response, ElevenLabs aims to compensate voice actors via a marketplace launching soon. Creators will receive credits when others use their voices.
The startup also plans new safety measures, although details remain vague. With its war chest, ElevenLabs looks to expand its 70-person team to cement its lead as upstarts like Replica Studios chase the voice tech prize.
Unicorn status gained more investors
Despite ethical quandaries in synthetic media, ElevenLabs’ rapid unicorn status signals ample investor appetite. While the future impact on creative industries remains uncertain, the growth of voice cloning seems inevitable.
ElevenLabs must continue balancing innovation with responsibility if it hopes to emerge as a leader rather than a cautionary tale.
