ElevenLabs Raises $180 Million to Make AI Audio ‘More Expressive and Controllable’

ElevenLabs raised $180 million in a Series C funding round to continue the development of its artificial intelligence (AI) audio technology that is used in content creation, customer support, gaming, education, accessibility and other applications.

The company will use the new funding to research “more expressive and controllable” voice AI, expand tools for developers and businesses scaling globally, and strengthen AI safety, it said in a Thursday (Jan. 30) blog post.

“This funding moves us closer to a world where digital interactions happen by voice — fluid, natural and as effortless as a conversation,” ElevenLabs CEO Mati Staniszewski said in the post.

Since launching its platform in 2023, ElevenLabs has refined its voice AI models and added tools that enable real-time, natural speech for AI agents, speech generation, voice design, sound effects and dubbing in 32 languages, according to the post.

The company also offers a mobile app that converts text into audio and a platform that enables voice actors and other users to monetize their AI-generated voices, the post said.

ElevenLabs’ latest funding round was co-led by a16z and Iconiq Growth, per the post.

“Voice is becoming a key part of how we interact with technology, and ElevenLabs is making it work at scale,” David George, general partner and head of a16z’s Growth Fund, said in the post.

This funding round values ElevenLabs at $3.3 billion, according to the release, a figure that is three times the size of the $1.1 billion valuation seen in its January 2024 funding round.

Fifty-four percent of consumers would prefer voice technology in the future because it is faster than typing or using a touchscreen, according to the PYMNTS Intelligence report, “How Consumers Want to Live in the Voice Economy.”

The report also found that 27% of consumers had used a voice-activated device or speaker in the previous 12 months and that 22% of Generation Z consumers were “highly willing” to pay $10 per month to use a voice assistant as smart and reliable as a real person.

SoundHound AI said in November that its voice AI solutions had been deployed by seven of the 20 quick-service restaurants and were being used for drive-thru, phone ordering, kiosks, mobile apps and for supporting their staff.