Just two years after its inception, and less than a year after its last fundraising campaign, the startup ElevenLabs is preparing to complete a new round. According to our colleagues from TechCruncha company specializing in developing speech synthesis software using artificial intelligence, is being approached by existing investors as well as new investors for a new round. This round could value the company at up to $3 billion.
Fueled by enthusiasm around generative AI, the startup completed an earlier $80 million Series B round last January. Its investors include Andreessen Horowitz, Nat Friedman, Daniel Gross, Sequoia, Concept Ventures, and Smash Capital.
Real application of artificial intelligence
Founded by Matej Staniszewski, formerly of Palantir, and Piotr Dabkowski, a former software engineer at Google, it spent its first year developing voice AI models capable of generating the most diverse and contextually relevant sounds. Today, it can count on a fairly sophisticated product range: from text-to-speech solutions to text-to-speech effects including cloning or sound isolation, ElevenLabs serves a certain number of applications.
This area appears to be serving the company well as its annual recurring revenue (ARR) is said to have increased from $25 million at the end of last year to around $80 million in recent months, making it one of the fastest-growing startups in enterprise development. Real applications of artificial intelligence.
Voice, a marketplace that resonates with tech giants
While many startups are trying to develop AI-powered voices, they are not the only ones. OpenAI was recently unveiled Conversational audio interface For ChatGPT to a wider audience. Users with a Plus or Team subscription can now access Advanced Voice. This functionality first appeared last May during a demo, and has benefited from an upgrade as confirmed by OpenAI: “While you wait patiently, we’ve added personalized instructions, memory, five new voices, and improved accents. It can also say ‘Sorry, I’m late’ in more than 50 languages.” These voices are intended to be more human with more personalized tones. However, you’ll have to wait a bit to see the functionality appear in Europe, with rollout starting in the US.
Meanwhile, Microsoft has Added many functions to Copilot, including audio. Through the voice function, it is possible to ask a quick question and interrupt at any time, with four voice options to choose from available on the web and mobile versions of Copilot. Copilot Voice was initially available in English in Australia, Canada, New Zealand, the United Kingdom, and the United States, and will soon be expanded to other regions and languages.