[ElevenLabs' Valuation Doubles to $22 Billion, Plans IPO in 2028] Beating AI News reports that ElevenLabs CEO Mati Staniszewski stated that the company hopes to be ready for an IPO in 2028, but a final listing date has not yet been determined. In September of this year, ElevenLabs boosted its valuation to $22 billion through an employee stock sale, more than doubling its $11 billion valuation in February. The $300 million deal primarily aims to allow employees to cash out. Initially known for its AI voice acting and voice cloning, ElevenLabs is now shifting its focus to enterprise voice automatons, helping businesses automate customer service, appointment scheduling, insurance renewals, and other tasks. Currently, enterprise clients contribute 55% of its revenue, and its voice automatons process over 15 million conversations per week, three times the number in February of this year. The company disclosed annualized recurring revenue (ARR) of approximately $600 million in September, corresponding to a valuation of about 37 times ARR. In the same month, ElevenLabs also hired Ethan Tandowsky, the former CFO who participated in the IPO of payments company Adyen, to oversee its finance operations. [Original Link]