A London startup has become the UK’s most valuable AI business after hitting a $3bn valuation in its most recent funding round, according to reports.
ElevenLabs, which produce AI-generated audio, hit the milestone just a year after achieving unicorn status in a previous funding round.
According to a report by Tech Crunch, the company has raised $250m in a Series C round. It was initially seeking a valuation of as much as $4bn before subsequently paring this figure back.
The raise means the company is now worth more than London rival Synthesia, which hit a valuation of $2.1bn after it raised $180m (£145.5m) in a Series D round earlier this month.
ElevenLabs declined to respond to a request for comment concerning the reports.
ElevenLabs was founded in 2022 by Polish entrepreneurs Mati Staniszewski and Piotr Dabkowski, who previously worked at Palantir and Google.
In August, the firm opened a new office in Soho’s Wardour Street, becoming the new base for ElevenLabs’ 20 London staff, with plans to double its headcount in the UK capital within six months.
ElevenLabs, which can replicate human voices for text-to-speech audio, said “in the coming years” it expects its London team to grow to 100 people.
“We can’t think of a better place to open our central hub,” said ElevenLabs co-founder and CEO Mati Staniszewski.
Staniszewski and ElevenLabs CTO Piotr Dąbkowski first came to the UK over a decade ago to study.
“We’re continuously inspired by the people and the plethora of opportunities available. From AI safety to AI innovation, we’re excited to contribute to this vibrant ecosystem,” Staniszewski said.
“As we build an international team spanning many countries, we’re happy to find a location that reflects our company’s culture while staying globally well-connected.”