ElevenLabs, the UK AI unicorn, has confirmed that it is carrying out an employee share sale at a $6.6bn valuation, double its valuation of nine months ago.
The UK startup also says it has hit over $200m ARR (annual recurring revenue) in less than three years after being founded.
Founded by two Polish entrepreneurs, ElevenLabs leverages AI to convert text into speech which sounds like it’s being read by human voices.
The AI startup says it's carrying out a $100m employee tender co-led by Sequoia & ICONIQ at a $6.6bn valuation. Andreessen Horowitz, Smash Capital, and World Innovation Lab are also participating.
Reports of the planned employee share sale emerged last week.
The offer will allow staff who have worked at the startup for more than a year to cash in on their shares.
In January this year, its valuation tripped to $3.3bn, after it raised $180m.
In a LinkedIn post, CEO and co-founder Mati Staniszewski said: “Earlier this year, we surpassed $200 million in ARR and we expect to top $300m by year end.
“We’re also rapidly approaching a 50/50 revenue split between our enterprise and self-serve customers, with enterprise revenue having grown more than 200% in the last year.
“We feel it’s extremely important to give our people the chance to realize some of the value they’ve created and earned today.
"We’re building for the long term with the aim of creating a generational company. Continuous liquidity opportunities will help our whole team align on that goal."
Founded in 2022, ElevenLabs says its AI tools are capable of replicating voices with high accuracy. For example, the tech allows users to hear the voices of late Hollywood icons like Judy Garland and James Dean narrating books, articles, and other digital content.
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