AI Startup ElevenLabs Achieves Unicorn Status with $80M Series B Funding

The company, known for its voice imitation technology, faces concerns over potential misuse for deepfakes and fraud.

AI startup ElevenLabs has achieved unicorn status following an $80 million Series B funding round led by Andreessen Horowitz, resulting in a $1.1 billion valuation.
ElevenLabs is known for its AI-powered voice generation technology that can imitate human voices, including voice cloning and translation tools.
The company announced a suite of new products, including a tool for dubbing movies, a voice library marketplace, and a mobile app that turns text into audio.
Despite its success, ElevenLabs has faced criticism and concerns over the potential misuse of its technology for creating deepfakes and committing fraud.
Part of the funding raised in the Series B round will be used to enhance safety measures and ensure the responsible and ethical development of AI technology.