Key facts
- ElevenLabs' AI voice technology is used by companies like Klarna, Deutsche Telekom, Cisco, and Adobe.
- The company is reportedly valued at $22 billion by its backers.
- ElevenLabs is pacing at $600 million in annual recurring revenue.
- Fifty-five percent of ElevenLabs' business is classic enterprise, with a significant portion of the remainder from SMBs, developers, and creators.
- CEO Mati Staniszewski believes businesses should disclose when customers are speaking with an AI agent.
- ElevenLabs does not train the text models or the intelligence side of AI models.
ElevenLabs, a company that develops AI voice technology capable of generating human-sounding speech from text, is reportedly valued at $22 billion. The company's technology is used by various businesses for customer service, including Klarna, Deutsche Telekom, Cisco, and Adobe, as well as by creators for audiobooks and dubbing.
In an interview at Nrth in Toronto, CEO Mati Staniszewski stated that the company is pacing at $600 million in annual recurring revenue, with over 55% coming from enterprise clients and the rest from small and medium businesses, developers, and creators. Staniszewski acknowledged that the lines between model companies, platform companies, and application companies are blurring, citing Anthropic as an example. He also noted that while open-source models can be used for informational customer service, frontier models are preferred for sensitive applications like financial services due to their accuracy.
Staniszewski believes businesses should disclose when customers are interacting with AI agents, a practice he expects to become standard in five years. He also indicated that ElevenLabs is preparing for a potential IPO in the coming years but will depend on market timing. Regarding AI safety, Staniszewski stated that ElevenLabs does not train the core text and intelligence models, and the company implements KYC and other precautions to mitigate cybersecurity risks.