Stock Market Freefalls, But ElevenLabs Just Hit $11 Billion

Author(s): Mandar Karhade, MD. PhD. Originally published on Towards AI. Why Sequoia and the Tech World Are Betting the House on Voice Agents Another day another news cycle dominated by a valuation number that looks like a typo. But here’s the thing: this one might actually make sense. If this is not it… then what is? We are witnessing the coronation of the first true platform giant of the generative voice era.The article discusses ElevenLabs’ impressive rise, fueled by a $500 million Series D funding round that brought its valuation to $11 billion. It explores the growth of the company, highlighting a significant increase in annual recurring revenue, and underscores the shift in its business model from simple text-to-speech to creating advanced voice agents capable of nuanced conversation. Sequoia Capital’s backing and the involvement of other major investors emphasize the industry’s belief in the potential of voice technology, while also warning of the challenges and ethical implications that come with such rapid advancements. Read the full blog for free on Medium. Join thousands of data leaders on the AI newsletter. Join over 80,000 subscribers and keep up to date with the latest developments in AI. From research to projects and ideas. If you are building an AI startup, an AI-related product, or a service, we invite you to consider becoming a sponsor. Published via Towards AI