The current round of investment for ElevenLabs is poised to elevate its market value to about $3 billion, driven by rapid growth in annual recurring revenue.
ElevenLabs has increased its annual recurring revenue from $25 million at the end of 2023 to around $80 million, marking it as one of the fastest-growing AI voice startups.
The AI startup's technology generates speech for various applications including audiobooks, gaming, and medical training, demonstrating its versatility in creating realistic audio content.
Investors are enthusiastic about ElevenLabs but express some caution, emphasizing the need to assess long-term sustainability and scalability of their AI audio solutions.
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