ElevenLabs builds the voice layer of AI, the models that turn text into speech that sounds human. Most people encounter it when they’re talking with customer service — often without realizing it. Klarna runs first-line phone support for 35 million U.S. customers on it, for example. So do Deutsche Telekom, Cisco, Adobe, and a growing list of governments. ElevenLabs also sells to creators, who use its platform for audiobooks, dubbing, and music.

It’s not alone in what it does. In fact, it’s increasingly bumping into customers, including Decagon, a conversational AI platform that trained its voice product on ElevenLabs and now competes with it. But its investors don’t seem too concerned. The company, which says it’s pacing at $600 million in annual recurring revenue, is now reportedly valued at $22 billion by its backers, despite being just four years old.