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A new AI unicorn is born: from zero to $1.1B in just two years

Voice AI startup ElevenLabs just achieved a billion-dollar valuation with an $80M Series B round co-led by A16Z.

At this time last year, the company had just raised a $2M pre-seed round (their first external capital). Just six months later, ElevenLabs closed a $19M Series A at a $100M valuation.

Here’s a look back at ElevenLabs’ pitch deck from 2023, and how far they’ve come in two short years:

ElevenLabs Pitch Deck - $2M pre-seed for AI voice startup unicorn

ElevenLabs was co-founded in 2022 by ex-Googler Piotr Dabkowski and former Palantir strategist Mati Staniszewski. The two founders share Polish roots and have been “best friends since high-school.”

ElevenLabs Pitch Deck - Team Slide - $2M pre-seed for AI voice startup unicorn

The London-based startup develops text-to-speech software using AI to create natural-sounding voices. ElevenLabs’ vision is for automatic dubbing to power seamless communication and content across any language.

ElevenLabs Pitch Deck - Vision Slide - $2M pre-seed for AI voice startup unicorn

At the time of their January 2023 fundraise, the company had just launched their solution protype. Within a few months, ElevenLabs grew to over a million users. With their Series B announcement, ElevenLabs also boasted the release several new voice AI products and B2B partnerships with names like The Washington Post, Curio, and more.

ElevenLabs Pitch Deck - Solution Slide - $2M pre-seed for AI voice startup unicorn

The AI dubbing and localization market is projected to be a multi-billion-dollar opportunity. ElevenLabs is positioned to be an industry leader, with over $100M in VC funding raised to-date. You can see the full 11-slide pre-seed pitch deck that ElevenLabs used in 2023 here.

ElevenLabs Pitch Deck - Market Slide - $2M pre-seed for AI voice startup unicorn

One of ElevenLab’s earliest backers, Concept Ventures, is poised to make a healthy return on their investment. Concept purports to be the UK’s largest pre-seed fund, having raised a £50M fund in 2022 – you can see their full LP deck here (along with 20+ other fund decks).