ElevenLabs, a New York startup specializing in synthetic voice technology, has successfully raised $250 million in a Series C funding round, significantly increasing its valuation to between $3 billion and $3.3 billion. This funding is led by ICONIQ Growth, following notable investments from Andreessen Horowitz. The startup has experienced rapid growth and interest from investors, with plans to revolutionize the quality of voice dubbing and cloning, addressing past inadequacies in the industry. Founded by former Palantir and Google employees, ElevenLabs captures the burgeoning demand for generative AI solutions in multimedia.
"For months, investors have been scrambling to invest in ElevenLabs after a blockbuster period of growth for the company, with its AI audio technology getting used everywhere."
"ElevenLabs was initially looking for funding at a $4 billion valuation. But a $3 billion valuation is still triple the unicorn valuation that the company landed with that year-ago Series B."
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