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Almost a year ago to the day, ElevenLabs announced their Series B. Today, we're excited to share that ElevenLabs have announced their $180m Series C. As proud first backers of Mati & Piotr during their pre-seed in 2022, it’s been a privilege to have played a role in their meteoric rise in just under 3 years. The new partners and capital will enable them to continue cementing their position as the leading research company for voice globally.
Our mission at Concept is to support the best and brightest talent in Europe, enabling them to fulfil their full potential on a global scale. ElevenLabs are the perfect manifestation of this, and we are actively partnering with teams who want to embark on similar journeys.
Today's digital interactions often fall short of being engaging and natural, with traditional TTS being stuck in the late 2000’s - ElevenLabs has pioneered and delivered solutions to bridge this gap, and we think the. Since launching its platform in January 2023, ElevenLabs has refined its voice AI models and introduced new products like Conversational AI, enabling real-time, natural speech for AI agents, and ElevenReader, a mobile app. In the past year alone, ElevenLabs has broadened its product lineup, adding tools for speech generation, voice design, sound effects, AI-powered dubbing in 32 languages, and more.
In just two months since launching their Conversational AI tool, developers have built over 250,000 conversational AI agents using their technology. The company's impact extends across industries – their platform has enabled the localisation of more than 1 million hours of audio content, converted 1 million hours of written content to speech through ElevenReader, and generated over 10 million sound effects. These achievements collectively represent a whopping 1,000 years of AI-generated audio content.
Their technologies are used by creators, developers, and businesses to power content creation, customer support, gaming, education, and accessibility, among others. This includes 60% of Fortunes 500 Companies using their tools.
What truly drives ElevenLabs is their mission to make information accessible in any voice, language, and sound - they've partnered with organisations like Bridging Voice and The Scott Morgan Foundation to provide AI voices to individuals with ALS, helping over 1,000 individuals with speech impairments reclaim their voices.
At its core, ElevenLabs is fundamentally an AI research company, with a focus on driving development in the AI audio space. The company has grown from 30 to 120 employees in the past year, with its main hubs in London, New York, and Warsaw.
ElevenLabs is on a mission to build the singular most comprehensive audio AI platform in the world, solve AI audio intelligence, and make all information accessible in any voice, language, and sound.
The Series C funding will accelerate ElevenLabs' research into more expressive and controllable voice AI while expanding their tools for developers and businesses globally. The team is particularly focused on advancing their conversational AI capabilities, expanding mobile offerings, and ensuring their technology serves all languages, accents, and dialects worldwide.
Mati Staniszewski (CEO) notes, "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 conversation."
Concept Ventures is proud to have been the pre-seed investor in ElevenLabs, and we're excited to see them continue to pioneer the future of AI voice technology.
We are always on the hunt for more excellent founders with audacious ambitions. If you are at the beginning of your 10-year journey, and raising a pre-seed round, reach out to the Concept Team.
ElevenLabs is hiring across research, engineering, and product roles. Visit elevenlabs.io/careers to learn more.
