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The company is now valued at $1 billion
Unicorn in economics is a startup company that has received a market valuation of over $1 billion. — compared to $100 million in June last year.
The total amount of funds raised from investors is $101 million (of which $80 million came from a recent Series B round led by such well-known investors as the Andreessen Horowitz fund, ex-GitHub CEO Nat Friedman and entrepreneur Daniel Gross) .
According to startup CEO Mati Staniszewski, the money will be used for product development, expanding ElevenLabs' infrastructure and team, artificial intelligence research, and “tightening security measures to ensure responsible and ethical development of artificial intelligence technology.”
Founded in 2022 by former Google machine learning engineer Piotr Dabkowski and former Palantir Technologies deployment strategist Mati Staniszewski, ElevenLabs offers voice cloning services that allow audio to be generated using neural networks based on uploaded samples. One of the service's features also helps translate voice to audio in over 20 different languages, including Ukrainian, Hindi, Portuguese, Spanish, Japanese, Polish and Arabic.
Growing up in Poland, Staniszewski and Dabkowski said they were inspired to create the service by “bad dubbing of American films.”
Near-term plans include the launch of tools for creating transcripts and translations, as well as a subscription mobile application that reads website pages using ElevenLabs voices.
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The list of ElevenLabs' first clients included the Swedish video game developer Paradox Interactive (recent projects are Cities: Skylines 2 and Stellaris), as well as The Washington Post. Currently, the service is used by employees of more than 41% of Fortune 500 companies
Fortune 500 is an annual list compiled and published in the American Fortune magazine. The list includes the 500 largest American corporations, ranked by gross revenue. — and according to Staniszewski, if you evaluate all user projects as one audio file, it will have a duration of 100 years.
Although the launch of the service was not entirely positive – Internet trolls immediately took advantage of the open access technology and spread fake voices of celebrities on social networks who said offensive things, declared war or quoted Hitler.
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ElevenLabs has also come under fire from voice actors who claim the company is using samples of their voices without consent. At the same time, such complaints are also being made towards other startups offering AI dubbing services – although, for example, Replica Studios, ElevenLabs' main competitor, recently signed an agreement with SAG-AFTRA to create and license digital copies of the voices of actors' union members.
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