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AI voice unicorn ElevenLabs completed US$250 million in Series C financing, with a valuation exceeding 3 billion

Author: LoRA Time: 25 Jan 2025 852

Artificial intelligence voice company ElevenLabs has once again attracted attention. The company has just completed a round of Series C financing of up to US$250 million, with a valuation between US$3 billion and US$3.3 billion. This financing was led by ICONIQ Growth, showing the market’s strong confidence in AI voice technology. Only a year ago, ElevenLabs had just completed an $80 million Series B round of financing. At that time, its valuation was only one-third of its current value, which shows the rapid development of the company.

ElevenLabs was founded in 2022 by Mati Staniszewski and Piotr Dabkowski to solve the problem of poor dubbing quality. Today, the company is a leader in AI voice, with its core technologies including voice cloning and dubbing tools. With the rise of generative artificial intelligence, the demand for multimedia content is growing day by day, and ElevenLabs' technology just hits this market pain point.

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The company has quickly become popular since launching its beta version in January 2023, and completed a $19 million Series A round of financing in June of the same year. Although its technology has been abused to create fake news, ElevenLabs has gradually become a partner of many well-known companies by developing detection tools and security measures. Its customers include text-to-video startup Synthesia, publishing giants such as The Washington Post, HarperCollins, and Bertelsmann, as well as game companies.

ElevenLabs' technology is provided through APIs and covers a variety of application scenarios, including text-to-speech, voice cloning, audio track modification and sound creation. This wide range of applications has allowed its revenue to grow rapidly. The company's annualized recurring revenue (ARR) has reportedly grown from $25 million in 2023 to around $90 million today. Although there were rumors that its valuation could reach $4 billion, the final valuation was approximately 37 times ARR.

Although ElevenLabs' P/E ratio is slightly tame compared to some fast-growing AI companies such as Cursor, its solid growth and wide range of applications make it one of the most promising companies in the AI ​​voice field. Its competitors include many startups and technology giants like Google and OpenAI, which has also had a certain impact on ElevenLabs’ valuation.

Early investors in ElevenLabs include well-known venture capital institutions such as Sequoia Capital, Andreessen Horowitz, and Credo Ventures, as well as corporate investors such as Salesforce Ventures and Disney. The completion of this Series C financing will undoubtedly further accelerate ElevenLabs’ layout and development in the field of AI voice.

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