London-based AI startup ElevenLabs achieves unicorn status

London-based startup ElevenLabs has achieved unicorn status following a successful Series B funding round that raised $80 million.

The funding was led by prominent venture capital firm Andreessen Horowitz, with the exact valuation undisclosed, though insiders suggest it reached $1.1 billion—a tenfold increase from its 2023 valuation.

Founded in January 2022 by CEO Mateusz Staniszewski and CTO Piotr Dąbkowski, ElevenLabs is renowned for its AI-generated voice technology.

The company’s portfolio includes a diverse array of languages, accents, and emotional inflections.

With clients ranging from individual content creators to major enterprises like Storytel, Paradox Interactive, and The Washington Post, ElevenLabs has gained traction.

Their AI technology is utilized by employees at 41% of Fortune 500 companies, and even political campaigns in the US use it to communicate with voters in various foreign languages.

ElevenLabs’ latest funding round enables them to tackle more significant challenges and maintain their competitive edge in research and product development, according to Dąbkowski.

Staniszewski emphasized the company’s ambition to transform content interaction by overcoming language and communication barriers, making information and stories accessible across languages and voices.

In addition to securing funding, ElevenLabs unveiled the Dubbing Studio platform, allowing users to dub entire movies and exert more control over content production by generating and editing transcripts, translations, and timecodes.

Investors in the Series B round include Nat Friedman, Daniel Gross, Sequoia Capital, Smash Capital, SV Angel, BroadLight Capital, and Credo Ventures, demonstrating continued confidence in ElevenLabs’ potential and innovative advancements.