(Bloomberg) -- ElevenLabs, a startup that uses artificial intelligence software to replicate voices, has raised $180 million in a new round of funding that values the company at $3.3 billion, tripling what it was worth a year earlier.
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The round, announced on Thursday, was co-led by Andreessen Horowitz and Iconiq Growth, with participation from new and existing investors, including NEA and Sequoia Capital. ElevenLabs has raised a total of $280 million in funding to date.
In the two-plus years since ChatGPT kicked off a frenzy around generative AI, a growing number of startups have attracted investor interest by using artificial intelligence to spit out convincing audio and videos. ElevenLabs, founded in 2022, lets users generate voices in dozens of languages, and offers services that help build virtual customer support agents and create AI-hosted podcasts from various source materials, among other options.
But the rise of startups like ElevenLabs has also raised concerns about the proliferation of deceptive deepfakes that can be used to scam consumers or misinform voters. ElevenLabs has previously said some have used its technology “for malicious purposes,” and the company has added staff devoted to moderation and policy work.
ElevenLabs said the new funding would help it strengthen AI safety while continuing to expand its product offerings. The company also plans to use the money for researching voice AI that’s “more expressive and controllable.”
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