Founded in 2022, ElevenLabs is a London-based AI Voice Generation startup. It competes with SpeechMatics and Hume Ai.
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London – ElevenLabs, a London-based startup specializing in the production of synthetic voices through artificial intelligence, has announced plans to respond to IPOs within five years.
The company told CNBC it is targeting major global expansion as it prepares for an early public offering.
“We look forward to continuing to build and scale more hubs in Europe, Asia and South America,” Mati Staniszewski, CEO and co-founder of ElevenLabs, told CNBC in an interview at the company's London office.
He has identified Paris, Singapore, Brazil and Mexico as potential new locations. London is now Eleven Love's largest office, followed by New York, Warsaw, San Francisco, Japan, India and Bangalore.
Staniszewski said the ultimate goal is to set the company up for an IPO over the next five years.
“From a commercial standpoint, we want to prepare for the IPO at that point,” he said. “If the market is right, we want to create a public company…it's coming here for the next generation.”
TBD at location
Founded in 2022 by Staniszewski and Piotr Dąbkowski, ElevenLabs is an AI voice generation startup that competes with others such as SpeechMatics and Hume AI.
The company splits it into three major camps: voice assistants for consumers, integration with companies such as Cisco, and tailor-made applications for specific industries such as healthcare.
Staniszewski said the company has yet to decide where it can be listed, but the decision largely depends on where most users were at the time.
“If Britain can start to accelerate,” ElevenLabs considers London to be the destination on the list, Staniszewski said.
The city has faced criticism from entrepreneurs and venture capitalists that its stock market is unfavourable for high-tech companies with growing stock markets.
For example, Derriboroo, whose shares are stagnant by nearly 30% when the company goes public, was recently acquired by US food delivery rival Doordash for nearly $4 billion.
Meanwhile, the UK remittance company said last month it plans to move its main listing location to the US.
Funding Plan
Following the recent $180 million funding round, Eleven Love was valued at $3.3 billion. The company is supported by company names such as Andreessen Horowitz, Sequoia Capital, and Iconiq's growth, as well as Salesforce and German Telecom.
Staniszewski said his startup is open to collecting more money from VCS, but it depends on whether he sees effective business needs, such as scaling further in other markets. “The way we try to raise it is very similar to accelerate the bet if we want to bet. [we will] Take the money,” he said.
