ElevenLabs, the New York-based startup behind cutting-edge AI voice technology, is making waves again. The company just secured a massive $250 million in its Series C funding round, pushing its valuation to a whopping $3 billion to $3.3 billion. Leading the charge is ICONIQ Growth, with other big names like Andreessen Horowitz also rumored to be involved.

This latest raise comes just a year after ElevenLabs landed an $80 million Series B, showcasing its rapid growth. The startup, founded in 2022 by Mati Staniszewski and Piotr Dabkowski, specializes in synthetic voice tools like voice cloning, dubbing, and text-to-speech services. Their tech has become a go-to for companies looking to integrate AI voices into their products, from gaming to publishing giants like HarperCollins and The Washington Post.

The funding frenzy around ElevenLabs isn’t surprising. Over the past year, its AI audio tools have gone viral, driving annual recurring revenue (ARR) from $25 million in 2023 to an estimated $90 million by late 2024. While the company initially aimed for a $4 billion valuation, settling at $3 billion still marks a triple increase from its Series B valuation.

Despite some controversies around misuse of its voice cloning tech, ElevenLabs has rolled out safeguards and detection tools to address concerns. Its API-based platform now supports a wide range of applications, including multilingual text-to-speech, voice editing, and creating entirely new voices.

The AI voice space is heating up, with competitors like Google and OpenAI in the mix. But ElevenLabs’ unique focus and rapid growth have made it a standout player. With this fresh funding, the startup is poised to expand its reach even further, solidifying its place as a leader in the AI voice revolution.

Stay tuned—official confirmation of the funding round could drop any day now!