News Summary

ElevenLabs, a New York-based startup renowned for its synthetic voice technology, has successfully raised $250 million in a Series C funding round, elevating its valuation to between $3 billion and $3.3 billion. The funding round was led by ICONIQ Growth, with Andreessen Horowitz reportedly participating once more after previously leading the company’s $80 million Series B round in 2024. Founded in 2022 by Mati Staniszewski and Piotr Dabkowski, ElevenLabs has quickly emerged as a leader in the AI audio sector, providing technology for voice cloning, dubbing, and more. The company has experienced substantial growth, with its annualized recurring revenue increasing from $25 million in 2023 to an estimated $90 million by late 2024. Despite facing challenges such as the potential misuse of its technology, ElevenLabs has implemented safeguards to maintain its reputation. Its client base includes prominent technology platforms, publishing giants, and gaming companies, all utilizing its advanced speech-based services.