An AI startup founded by two Polish entrepreneurs has seen its valuation triple to $3.3bn, after confirming it had raised $180m. ElevenLabs leverages AI to convert text into speech which sounds like it’s being read by human voices.

It says its AI tools are capable of replicating voices with high accuracy. For example, the tech allows users to hear the voices of late Hollywood icons like Judy Garland and James Dean narrating books, articles, and other digital content. 

The Series C round was led by Andreessen Horowitz and ICONIQ Growth, with additional new investors, including NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund and Lunate. Existing investors Sequoia Capital, Salesforce Ventures, Smash Capital, SV Angel, NFDG, BroadLight Capital also participated. 

ElevenLabs said it was also partnering with strategic investors, including Deutsche Telekom, LG Technology Ventures, HubSpot Ventures, NTT DOCOMO Ventures, and RingCentral Ventures. This latest funding values ElevenLabs at $3.3 billion, tripling its valuation from 2024, when it raised $80m and was valued at over $1bn.

To date, ElevenLabs has raised a total of $281 million across four rounds since its founding in 2022. The startup says it’s a remote-first company, which has main hubs in London, New York, and Warsaw, with London serving as its European HQ.

ElevenLabs said it will use the funding to expand its research and develop new products. Specifically, it said the funding would support “research into more expressive and controllable voice AI, expanding tools for developers and businesses scaling globally, and strengthening AI safety”.

In the last 12 months, ElevenLabs says it has broadened its product lineup, adding tools for speech generation, voice design, sound effects, AI-powered dubbing in 32 languages.

Mati Staniszewski, CEO of ElevenLabs, said:

“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 a conversation.”