Embracing the Voice Revolution: AI Startup ElevenLabs Raises $19 Million to Advance Text-to-Speech and Voice Cloning Technology

June 22, 2023

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Embracing the Voice Revolution: AI Startup ElevenLabs Raises $19 Million to Advance Text-to-Speech and Voice Cloning Technology

ElevenLabs, a one-year-old AI startup focused on creating new text-to-speech and voice cloning tools, has raised $19 million in a Series A round co-led by Andreessen Horowitz (a16z), marking another milestone in the increasingly competitive field of generative AI voice synthesis. The company aims to revolutionize audio content creation through ultra-realistic text-to-speech models for education, audiobooks, gaming, movies, business, and other industries.

The Founding Story behind ElevenLabs

The story of ElevenLabs began with the two founders, who grew up in Poland, watching poorly dubbed films from the US. They were inspired to create a company that could revolutionize audio content creation, using cutting-edge AI to improve the quality and realism of synthesized speech. They founded ElevenLabs with the goal of developing tools that could bridge the gap between human speech and computer-generated speech, making it possible to create more immersive and engaging audio content in various contexts.

ElevenLabs’ objective

The startup aims to develop a range of ultra-realistic text-to-speech models that can be used in a variety of contexts, from education and audiobooks to gaming and movies. The company’s cutting-edge AI technology can create voice actors that sound like real people, making it possible to produce high-quality audio content quickly and easily. The technology is designed to be highly flexible, allowing it to be used in a range of applications across multiple industries.

New Partnership with Andreessen Horowitz

The Series A funding was co-led by Andreessen Horowitz, a prominent venture capital firm that has backed a wide range of successful startups in recent years. The firm will also join ElevenLabs’ board, bringing valuable expertise and resources to the company as it continues to grow and expand its offerings.

Products from Eleven Labs

Currently available products from ElevenLabs include its Speech Synthesis, VoiceLab, and the newly unveiled AI Speech Classifier with an API. These tools make it possible to generate high-quality synthesized speech quickly and easily, enabling companies and individuals to create engaging audio content with minimal effort. ElevenLabs allows and supports the use of voice cloning for “caricature, parody, and satire” as well as “artistic and political speech contributing to public debates.” This stance has generated controversy in some circles, with critics suggesting that the technology could be used to create fake audio content that could deceive the public or spread disinformation. However, ElevenLabs maintains that voice cloning is a useful and valuable tool for a range of creative and artistic purposes.

The funding round and the release of new tools come right after Meta Platforms introduced its own generative AI voice synthesis tool called Voicebox. As the field of generative AI voice synthesis continues to heat up, ElevenLabs is well-positioned to capitalize on this growing market and revolutionize the world of audio content creation. With its cutting-edge technology, growing customer base, and experienced team of experts and investors, ElevenLabs is poised for a bright future in the years to come.

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