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ElevenLabs Secures $180 Million in Series C Funding, Valuation Hits $3.3 Billion

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Voice AI startup ElevenLabs announced on Thursday that it has raised $180 million in a Series C funding round, bringing the company’s valuation to $3.3 billion, tripling its previous worth. The round was co-led by Andreessen Horowitz and Iconiq Growth, with participation from new investors such as NEA, World Innovation Lab, Valor, Endeavor Catalyst Fund, and Lunate.

The surge in investment comes as venture capitalists look to capitalize on the growing commercial potential of generative AI products following the success of OpenAI’s ChatGPT. Based in London, ElevenLabs plans to use the new funds to further research into more expressive and controllable voice AI, create new products, and expand its tools for developers and businesses.

Since its founding in 2022, ElevenLabs has raised a total of $281 million. The company offers AI-generated voice tools that can create voices in different languages, accents, and emotional tones. CEO Mati Staniszewski emphasized that the goal of the funding is to create digital interactions that feel as natural and effortless as human conversations.

In 2024, ElevenLabs expanded its product offering to include speech generation, voice design, sound effects, and AI-driven dubbing in 32 languages. It has also forged partnerships with major publishers like The New Yorker, The Washington Post, and The Atlantic, as well as gaming studios such as Paradox and Cloud Imperium Games.

Existing investors such as Sequoia Capital, Salesforce Ventures, Smash Capital, and SV Angel are also increasing their backing.

 

Databricks Hits $62 Billion Valuation with Record $10 Billion VC Round

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Databricks, a leading AI startup, has achieved a $62 billion valuation after successfully raising $10 billion in one of the largest venture capital funding rounds in history. This funding round highlights the growing demand for AI-focused startups and underscores the continued interest in companies at the forefront of AI innovation.

Major Investors

The round, led by Joshua Kushner’s Thrive Capital, attracted investments from top-tier firms including Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. Notably, Ontario Teachers’ Pension Plan, an existing investor, and ICONIQ Growth, MGX, Sands Capital, and Wellington Management joined the funding round.

This investment round surpasses the $6.6 billion raised by OpenAI in October, reinforcing the immense appetite for AI companies that simplify the integration of AI technologies. This surge in investment reflects the market’s growing interest in AI-driven solutions and startups such as OpenAI and Elon Musk’s xAI, which have seen their valuations soar in recent months.

Future Plans

Ali Ghodsi, co-founder and CEO of Databricks, commented that the round was “substantially oversubscribed”, signaling strong market confidence. Databricks plans to use the new funds to further develop AI products and pursue acquisitions. The company will also offer some employees the opportunity to cash out their stock, which forms a significant part of startup compensation.

Competition and Growth Prospects

Databricks is a direct competitor to Snowflake, which has a market capitalization of about $57 billion. The company, which serves over 10,000 customers including major companies like Block, Comcast, Rivian, and Shell, expects to achieve positive free cash flow for the first time in the quarter ending on January 31 and anticipates crossing a $3 billion revenue run rate in January.