ElevenLabs, an artificial intelligence voice technology company, recently completed a US$250 million Series C financing, and its valuation soared to between 3 billion and 3.3 billion, once again confirming the market potential of the booming AI voice field. The round of financing was led by ICONIQ Growth, with a valuation of nearly triple compared to its $80 million Series B round of financing a year ago, highlighting the huge success ElevenLabs has achieved in just a short period of time. Its core technology - voice cloning and dubbing tools, perfectly meets the growing demand for high-quality multimedia content in the generative AI era and quickly won market recognition.
AI voice company ElevenLabs has once again attracted attention, which has just completed a Series C round of financing of up to $250 million, with a valuation of between $3 billion and $3.3 billion. The financing was led by ICONIQ Growth, showing the market's strong confidence in AI voice technology. Just a year ago, ElevenLabs had just completed a $80 million Series B financing, with a valuation of only one-third of its current one, which shows how rapidly the company has developed.
ElevenLabs was founded in 2022 by Mati Staniszewski and Piotr Dabkowski, and aims to solve the problem of poor dubbing quality. Today, the company has become a leader in the field of AI voice, with core technologies including voice cloning and dubbing tools. With the rise of generative artificial intelligence and the growing demand for multimedia content, ElevenLabs' technology hits this market pain point.
The company has quickly become popular since launching its beta version in January 2023, and completed a $19 million Series A 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 clients include text-to-video startup Synthesia, The Washington Post, Harper Collins, Bertelsman and other publishing giants, as well as game companies.
ElevenLabs' technology is provided through the API and covers a variety of application scenarios, including text to speech, voice cloning, audio track modification and sound creation. This widespread application has enabled its revenue to grow rapidly. The company's annualized recurring revenue (ARR) has been reported to have grown from $25 million in 2023 to around $90 million today. Despite rumors that its valuation could reach $4 billion, the final valuation is about 37 times that of ARR.
Although ElevenLabs has a slightly mild P/E ratio compared to some of the fast-growing AI companies such as Cursor, its solid growth and wide application make it one of the most promising companies in the field of AI voice. Its competitors include many startups and tech giants like Google and OpenAI, which has also had a certain impact on ElevenLabs' valuation.
ElevenLabs' early investors include well-known venture capital institutions such as Sequoia Capital, Andreessen Horowitz, Credo Ventures, and corporate investors such as Salesforce Ventures and Disney. The completion of this round of C financing will undoubtedly further accelerate ElevenLabs' layout and development in the field of AI voice.
ElevenLabs' successful financing and rapid development not only indicates that AI voice technology will usher in a broader market prospect, but also provides valuable experience and reference for other AI companies. In the future, ElevenLabs will play a more important role in the field of AI voice and deserves continuous attention.