ElevenLabs Joins Ranks of World’s Most Valuable AI Firms

ElevenLabs, a voice AI startup, has reportedly become one of the world's most valuable artificial intelligence companies, according to a Financial Times report. The London-based company reached this milestone after a share sale doubled its valuation to $22 billion. In a tender led by Wellington and T Rowe Price, investors and employees sold $300 million in stock, bringing ElevenLabs' valuation to $22 billion.

This new valuation places ElevenLabs among the top 10 most valuable AI labs outside China. In February, the company was valued at $11 billion following a $500 million investment from Silicon Valley venture capital firms. ElevenLabs CEO Mati Staniszewski stated that the secondary transaction attracted long-term institutional investors, such as Goldman Sachs and Singapore's GIC sovereign wealth fund, while also helping the company attract and retain AI researchers.

The company is competing with other AI labs for top talent, as noted by Staniszewski. Additionally, ElevenLabs has developed an Iconic Marketplace, a licensing platform connecting brands with recognizable voices from history, such as Mark Twain and Thomas Edison. However, concerns have been raised about the ethical implications of this platform, as it does not prevent unauthorized AI cloning or address the economic competition faced by working voice actors in the synthetic voice market.