AI Voice-Cloning Startup ElevenLabs Valued at $1.1 Billion
Andreessen Horowitz, Sequoia and others invest $80 million in two-year-old startup.
ElevenLabs, a startup that uses artificial intelligence software to replicate voices in more than two dozen languages, has raised a new round of funding that values the two-year-old company north of $1 billion.
ElevenLabs said Monday that it raised $80 million in funding led by venture fund Andreessen Horowitz, with participation from Sequoia Capital, Smash Capital and SV Angel. The company has raised $101 million to date. Chief Executive Officer Mati Staniszewski said the latest financing gives his startup a $1.1 billion valuation.
Tech investors have poured money into startups developing AI tools that generate convincing audio and video, eying the business opportunities in advertising and media. But that’s alarmed researchers worried about the proliferation of deceptive deepfakes used in scams, pornography and in politics, particularly as nearly half the world’s population will have the option to vote in a national election in 2024. Early last year, ElevenLabs said some were using its technology “for malicious purposes.”
Staniszewski said audio clips impersonating people without their consent are prohibited and would be removed. The 40-person startup has five people devoted to moderation and policy work and plans to hire more, he said. “Ninety-nine percent of use cases we are seeing are in the positive realm,” he said.