Voice synthesis and cloning has the potential to revolutionize the way we create audio content and interact with machines — but it could also challenge companies that rely on voice biometrics for identity verification.
Artificial intelligence is accelerating content creation and creative processes — including the ability to create human-like voices — at an unprecedented rate. Voice synthesis and cloning are used for a variety of purposes, including creating audio content for social media, podcasts, and video games, as well as converting text and documents into audio material for online learning.
But the rise of synthetic voices could spell trouble for companies in sectors like banking and healthcare, which rely on voice biometrics for identity verification. Bad actors have already started to use voice cloning to commit fraud.
The first media reports of AI-generated voice spoofing emerged in Q3’19, when AI software was used to mimic the voices of CEOs in phone calls to employees with instructions to transfer money. More recently, 2 journalists were able to use voice cloning to trick phone verification systems, one for a bank and the other for an Australian government entity.
In this brief, we use CB Insights funding and valuation data to analyze the market for generative AI voice synthesis & cloning companies and assess their impact on the voice biometrics market.
Total funding
We’ve identified 16 companies using generative AI for voice synthesis and cloning in the Generative AI tab of our Artificial Intelligence Expert collection.
15 of the 16 companies are early-stage or have no disclosed funding, pointing to a space that is still in the early stages of funding and commercialization.
Nonetheless, startups have raised $15M of funding in the first 5 months of 2023, pointing to the space gaining traction.
