New York-based synthetic voice startup Eleven Labs has reportedly raised $250m through a Series C funding round, elevating its valuation to between $3bn and $3.3bn.
According to TechCrunch, the round was led by ICONIQ Growth, with participation from previous investor Andreessen Horowitz, a key backer in the company’s prior $80m Series B raise in January 2024.
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Eleven Labs had raised $19m through Series A in June 2023.
Founded in 2022 by Mati Staniszewski and Piotr Dabkowski, Eleven Labs has developed a cloud-based artificial intelligence platform that generates synthetic speech for applications such as dubbing.
The company, inspired by the poor quality of dubbing in American videos, aims to improve this using AI
It released its first beta product in January 2023.
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By GlobalDataThe startup’s platform features a library of more than 1,000 voices, classified into types such as “confident,” “expressive”, etc.
Besides dubbing, these voices are used in creating audiobooks and narrating movies and shows. Eleven Labs also offers voice cloning, requiring only a one-minute audio sample to create a basic clone or 30 minutes for a professional replica.
Eleven Labs’ voice cloning technology goes beyond the speaker’s native language, enabling cloned voices to be translated into more than twenty languages and to replicate various regional accents.
This feature enables a cloned voice to dub a movie in several languages, while retaining the original style and tone intact.
Earlier in January 2025, Eleven Labs translated US blogger Lex Friedman’s interview with Ukrainian President Volodymyr Zelenskyy into English and Russian, maintaining authentic voice characteristics across languages, reported SiliconANGLE.
The technology is available via an application programming interface under various pricing tiers.
Eleven Labs’ clientele includes text-to-video startup Synthesia, publishers such as the Washington Post and HarperCollins Publishers, and video game developers.
Among its competitors in the synthetic voice space include startups such as Deepdub and industry giants such as Google and OpenAI.
