ElevenLabs Hits $22 Billion Valuation as AI Voice Tech Expands
· Technology · TechCrunch
ElevenLabs, an AI company specializing in text-to-speech technology, is now valued at $22 billion by investors despite being just four years old. The company, which generates $600 million in annual recurring revenue, serves major clients like Klarna, Deutsche Telekom, and Adobe, and caters to creators for audiobooks, dubbing, and music. ElevenLabs also faces competition from companies like Decagon, which trained its voice product on ElevenLabs' platform. CEO Mati Staniszewski emphasized the need for emotional intelligence in conversational AI, aiming to pass the Turing test in the next three to five years.
Why it matters
As AI voice technology becomes more prevalent, its integration into customer service and creative industries could reshape how businesses interact with consumers and creators globally.
Read the original report — TechCrunch
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