ElevenLabs' valuation doubles to $22 billion, plans to be ready for IPO by 2028.

Beating AI News Flash: ElevenLabs CEO Mati Staniszewski said the AI voice company hopes to be ready for an IPO in 2028, but has not yet set a final listing timeline.

In September this year, ElevenLabs raised its valuation to $22 billion through a secondary sale of employee shares, double the $11 billion valuation from its February funding round. The transaction was $300 million in size, with the proceeds mainly used to let employees cash out.

ElevenLabs initially became known for AI dubbing and voice cloning, and is now shifting toward enterprise voice agents that help businesses automate customer service, appointments, insurance renewals and other operations. Enterprise customers currently contribute 55% of revenue, and the voice agents handle more than 15 million conversations per week, three times the level in February this year.

The company disclosed in September that its annualized recurring revenue (ARR) was about $600 million, corresponding to a valuation of roughly 37 times ARR. In the same month, ElevenLabs also hired former CFO Ethan Tandowsky, who previously helped take payments company Adyen public, to lead finance.