ElevenLabs, a pioneering startup based in London, is making headlines with its ambitious plans to become IPO-ready within the next five years. The company specializes in generating synthetic voices using advanced artificial intelligence technology. In a recent interview with CNBC, CEO and co-founder Mati Staniszewski shared insights into the firm's future and its strategy for significant global expansion as it prepares for an initial public offering.
According to Staniszewski, ElevenLabs is focused on creating more operational hubs across various continents, particularly in Europe, Asia, and South America. Potential new locations identified include Paris, Singapore, Brazil, and Mexico. Currently, ElevenLabs' largest office is situated in London, followed by significant presences in New York, Warsaw, San Francisco, Japan, India, and Bangalore.
With a clear vision for the future, Staniszewski emphasized the company's goal of being prepared for an IPO within the next five years. “From a commercial standpoint, we would like to be ready for an IPO in that time,” he stated. He expressed the desire to establish a public company that would thrive for the next generation, contingent on favorable market conditions.
Founded in 2022 by Staniszewski and Piotr Dąbkowski, ElevenLabs is an innovative AI voice generation startup that competes with industry players such as Speechmatics and Hume AI. The company organizes its operations into three primary sectors: consumer-facing voice assistants, corporate integrations with companies like Cisco, and custom applications tailored for specific industries, including health care.
Although ElevenLabs has not yet determined where to list its shares, Staniszewski mentioned that this decision will largely depend on the geographic distribution of its user base at the time of the IPO. If the UK market shows signs of acceleration, ElevenLabs will consider London as a viable option for its listing. However, the city has faced criticism from entrepreneurs and venture capitalists for its stock market, which is perceived as less favorable for high-growth tech firms.
Recently, ElevenLabs was valued at an impressive $3.3 billion following a substantial $180 million funding round. The company has attracted investments from notable venture capital firms, including Andreessen Horowitz, Sequoia Capital, and ICONIQ Growth, along with corporate giants like Salesforce and Deutsche Telekom.
Staniszewski indicated that ElevenLabs is open to raising additional funds from venture capitalists, but this will depend on the company's assessment of its business needs, particularly regarding expansion into new markets. “The way we try to raise is very much like, if there's a bet we want to take, to accelerate that bet we will take the money,” he explained.
As ElevenLabs gears up for an exciting phase of growth and potential public listing, it positions itself as a leader in the synthetic voice technology sector, with a strong commitment to innovation and global reach.
