ElevenLabs, which develops AI voice technology for customer service and creative applications, is reportedly valued at $22 billion by its investors after only four years. CEO Mati Staniszewski said the company is generating $600 million in annual recurring revenue, while acknowledging that AI firms increasingly compete with the customers and partners using their technology.

More than 55% of ElevenLabs’ business comes from traditional enterprise customers, with much of the remainder involving smaller businesses, developers and creators. Its technology is used by organisations including Klarna, Deutsche Telekom, Cisco, Adobe and governments; Staniszewski said voice models still differ significantly in quality, but the company ultimately aims to create conversational AI capable of passing a Turing test through stronger emotional intelligence.