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 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.”
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.
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.
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.
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).