AI voice startup ElevenLabs pushes global expansion as it gears up for an IPO

London-based ElevenLabs, a startup renowned for its AI-driven synthetic voice technology, has announced its ambitious plans to prepare for an initial public offering (IPO) within the next five years. In a recent interview with CNBC, CEO and co-founder Mati Staniszewski outlined the company's strategy for significant global growth as it gears up for this pivotal financial milestone. ElevenLabs is looking to establish new operational hubs across Europe, Asia, and South America, with cities like Paris, Singapore, Brazil, and Mexico on its radar. Currently, London stands as ElevenLabs' primary office, supported by locations in New York, Warsaw, San Francisco, Japan, India, and Bangalore. Staniszewski emphasized the company's focus on making a public debut, stating, "From a commercial standpoint, we would like to be ready for an IPO in that time. If the market conditions are favorable, we envision creating a public company that will thrive for the next generation." Founded in 2022 by Staniszewski and Piotr Dąbkowski, ElevenLabs competes with industry players such as Speechmatics and Hume AI. The startup has segmented its services into three main categories: consumer-oriented voice assistants, corporate integrations (like those with Cisco), and bespoke applications targeted at specific sectors, including healthcare. While the company has yet to determine its listing location, Staniszewski noted that the decision will be influenced by where the majority of its user base is situated as the IPO date approaches. He mentioned that if the U.K. market improves, London could be a viable option for listing. However, the city has faced criticism from entrepreneurs regarding its suitability for high-growth tech companies, a sentiment echoed by the recent challenges experienced by companies like Deliveroo and Wise. Following a successful funding round that valued ElevenLabs at $3.3 billion, the startup has garnered backing from notable investors such as Andreessen Horowitz, Sequoia Capital, and ICONIQ Growth, alongside corporate giants like Salesforce and Deutsche Telekom. Staniszewski expressed openness to securing additional venture capital if a clear business need arises that warrants further scaling into new markets. "If there's a bet we want to take, to accelerate that bet, we will consider raising more funds," he stated.