AI Startup ElevenLabs Hits Unicorn Status, Innovates with Monetizable Voice Generation Technology

ElevenLabs, an AI startup specializing in voice replication software, has recently raised $80 million in a funding round led by Andreessen Horowitz, reaching a $1.1 billion valuation. 

This round, which also saw participation from Sequoia Capital, Smash Capital, and SV Angel, brings the company’s total funding to $101 million. The technology, capable of mimicking voices in over two dozen languages, has attracted significant interest for its potential in advertising and media, Bloomberg reports.

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However, the rise of such technology has raised concerns about the creation of deceptive deepfakes, especially with global elections approaching in 2024. In 2023, Alphabet Inc GOOG GOOGL Google and Universal Music discussed licensing artists’ melodies and voices for AI-generated songs to counter “deepfake” songs.

ElevenLabs acknowledged instances of malicious usage of its technology and has a team dedicated to moderation and policy, with plans to expand it. The startup aims to venture beyond audiobooks and video games into media production, including dubbing films and creating AI actors. 

ElevenLabs is introducing a service that allows individuals to create and monetize an AI version of their voice to address industry concerns. The company is in discussions with major talent agencies and entertainment unions and is investing in research to enhance its AI audio’s emotional and intonational capabilities.

In 2023, Greg Brockman, former President and Chairman of OpenAI, announced the launch of ChatGPT Voice, a significant update that enables users to have spoken conversations with ChatGPT. This feature came with five human-like voices: Juniper, Sky, Breeze, Ember, and Cove.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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