ElevenLabs introduced new AI voice products, raised USD 19 million from the share issue

ElevenLabs has introduced a suite of new Generative Voice AI products, enabling anyone to create an entire audiobook on the platform in minutes, as well as an AI speech detection model. The company also raised $19 million to continue research into artificial voice intelligence and roll out products to support industries such as publishing, gaming, entertainment and conversational applications, the company said.

ElevenLabs announced that it raised USD 19 million from Series A shares in an investment round co-chaired by Nat Friedman, Daniel Gross and Andreessen Horowitz, with the participation of Credo Ventures, Concept Ventures and a number of strategic angel investors, including Instagram co-founder Mike Krieger, Oculus VR co-founder Brendan Iribe, Deepmind & Inflection co-founder Mustafa Suleyman, Vercel founder Guillermo Rauch, O’Reilly Media founder Tim O’Reilly, Creator Ventures and SV Angel. Storytel and TheSoul Publishing also joined this round as investors. Andreessen Horowitz takes a seat on the board.

“Over the past five months, we’ve seen our technology embraced by millions of creators, businesses, and open minds. We are at the very beginning of this journey, and now that Nat, Daniel and Andreessen Horowitz have joined, we have the best partners who continue the ambitious path forward,” said ElevenLabs CEO and co-founder Mati Staniszewski, quoted in the release.

“Since our inception in April 2022, we have focused on creating a great team – one of the key factors for long-term success – and have built an exceptional team of talented, passionate and hardworking people. Thanks to such a great set of collaborators and partners, we are well on our way to realizing our ambition to completely break down language barriers using technology,” added CTO and co-founder of ElevenLabs Piotr Dąbkowski.

The ElevenLabs AI platform, which launched in beta in January 2023, has attracted over 1 million registered users from the creative, entertainment and publishing industries. ElevenLabs tools can turn any text into speech with a delay of less than 1 second, using synthetic voices, cloned voices, or creating brand new artificial voices that can be customized to your gender, age and accent preferences. Thanks to its research, ElevenLabs has been able to reach a new level of speech quality that is almost indistinguishable from a real human voice.

The platform has already been used across a wide range of creative industries and sectors, from independent authors creating audiobooks, developers providing voiceovers for video game characters, supporting visually impaired people to access written content online, and powering the world’s first AI radio channel. ElevenLabs has also established a number of B2B partnerships, including one of the world’s largest audiobook publishers, Storytel, the leading global content creator platform TheSoul Publishing, and media platform MNTN.

The projects join ElevenLabs’ suite of products that includes Speech Synthesis, a text-to-speech platform that uses pre-existing synthetic voices, and VoiceLab, a workflow for creating a unique voice or a digital version of an existing one. The platform has also recently provided access to Eleven Multilingual – a speech synthesis model that can also be used in 7 new languages.

ElevenLabs is a voice technology research company and a leader in AI audio software.

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