AI Startup ElevenLabs Aims to Be IPO-Ready in Two or Three Years

(Bloomberg) — AI voice startup ElevenLabs plans to be ready for an initial public offering in two to three years, according to Chief Executive Mati Staniszewski, potentially making it one of the first AI companies gearing up for an IPO in Europe.

ElevenLabs, which uses artificial intelligence to create a variety of realistic voices, recently raised $500 million in a round led by some of the world’s leading investors, including Sequoia Capital, Andreessen Horowitz, and Iconiq. In the financing agreement, the value of the venture was determined as 11 billion dollars.

Speaking in an interview broadcast at a conference in Bukowina Tatrzańska in southern Poland, Staniszewski said the company was considering a dual listing, which would include an initial public offering on the Warsaw Stock Exchange. He didn’t mention another potential location.

“We really want this next wave of innovation to be possible, to create things and give back, so dual listing in Warsaw is what we are thinking about,” Staniszewski said. he said.

In January, Staniszewski told Bloomberg Television that the company’s annual recurring revenue exceeded $330 million. Staniszewski said on LinkedIn that partnerships have also recently been established with Deutsche Telekom AG, Boston Consulting Group, Revolut and the Ukrainian government.

Founded in 2022, ElevenLabs is currently headquartered in New York, but the business has grown from Poland and maintains strong ties to its home country. Both co-founders Staniszewski and Piotr Dabkowski are Polish and the company has an office in Warsaw. Staniszewski also worked with the government’s innovation council, which aims to promote the startup ecosystem in the country.

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