ElevenLabs, a startup specializing in AI audio research and development, announced that it has completed raising $500 million in Series D funding.
This round was led by Sequoia Capital, with Andrew Reed, a partner at Sequoia Capital, joining ElevenLabs' board of directors. Existing investor Andreessen Horowitz quadrupled its investment, and ICONIQ also tripled its participation.
New investors including Lightspeed Venture Partners, Evantic Capital, and BOND also participated in this round. Existing investors Broadlight, NFDG, Valor Capital, AMP Coalition, and Smash Capital also made follow-on investments. Additional investor information will be disclosed at a later date.
This investment values Eleven Labs at $11 billion, more than tripling its valuation from a year ago. Since its founding in 2022, Eleven Labs has raised a total of $781 million in five rounds, including this latest round.
Beginning with the development of a human-level AI text-to-speech model, Eleven Labs has expanded its research to encompass all areas of audio, including voice recognition, sound effects, dubbing, music, and conversational AI. By integrating these technologies, Eleven Labs provides a ready-to-commercialize platform for businesses, creators, and developers.
Eleven Labs plans to use this investment to expand its research and product development, as well as its global operations. To achieve this, the company plans to establish GoToMarket organizations in key locations around the world, including London, New York, San Francisco, Tokyo, and Seoul, to strengthen support for its corporate clients.
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