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ElevenLabs has secured $180m in its Series C funding round to accelerate the development of its AI audio platform.
The latest funding round was co-led by a16z and ICONIQ Growth, with additional support from new investors including NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund, and Lunate.
Existing investors such as Sequoia Capital, Salesforce Ventures, Smash Capital, and others also increased their backing.
Strategic partners like NTT DOCOMO Ventures, Deutsche Telekom, LG Technology Ventures, HubSpot Ventures, and RingCentral Ventures also supported the round.
The latest funding round values the company at $3.3bn, nearly three times its valuation from last year, when it raised $80m at a valuation of over $1bn.
The Series C funding round brings ElevenLabs’ total funding to $281m since its founding in 2022.
The company intends to use the funding to support its ongoing mission to make speech the central element of digital interactions, enabling more expressive, controllable voice AI.
It also plans to expand its developer tools, reinforce AI safety initiatives and to expand its operations in Asia, Latin America, and Europe, Middle East and Africa.
Since the launch of its platform in January 2023, the company has advanced its voice AI models and introduced innovative products like Conversational AI, which facilitates real-time, natural speech for AI agents, and the ElevenReader mobile app.
Over the past 12 months, ElevenLabs has expanded its product range to include speech generation tools, voice design, sound effects, and AI-powered dubbing in 32 languages.
ElevenLabs CEO Mati Staniszewski said: “Speech is how we naturally communicate. This funding moves us closer to a world where digital interactions happen by voice – fluid, natural, and as effortless as a conversation.”
Looking towards 2025, the company aims to enhance the collaborative aspects of its AI audio platform, improve access to cutting-edge research, advance conversational AI agents, and extend its tools and features to mobile devices for wider usage and impact.