Eleven Labs ARR at $80M in 2 years

Oct 21, 2024

AI startups are growing faster than the SaaS wave, here are some interesting and valuable data from Stripe:

Top AI companies are monetizing and scaling MUCH faster than ~equivalent software companies.

AI startups already at $30M+ annualized revenue took just over a year and a half to get there. By comparison, the highest grossing SaaS startups on Stripe in 2018—including many Forbes Cloud 100 list constituents—took nearly five and a half years.
3. The most recent AI companies are monetizing even faster. Those founded in 2020 onwards took just 5 months to hit $1M annualized revenue, and earned 4x more in their first year on Stripe than peers founded earlier.
4. The era of instant international expansion is upon us. The median AI company in the cohort sold into 59 foreign countries in y1, and 93 in y2.
5. This year, the median AI company earned 56% of its revenue from international customers.

Here are some AI startups that reached a new milestone impressed me in ARR:

1. Eleven Labs ARR at $80M

Eleven Labs is a prominent AI research and deployment company specializing in voice synthesis technology. Founded in 2022, it aims to make content universally accessible through realistic and versatile AI audio models.
The company has developed advanced tools for generating synthetic voices, which are particularly useful for applications such as audiobook narration and real-time video dubbing into various languages.
Eleven Labs has gained significant attention from investors, with reports indicating that the company may soon be valued at around $3 billion due to its rapid growth and increasing annualized recurring revenue (ARR), which has reportedly surged from $25 million to approximately $80 million within a year.

Fivetran is an automated data integration platform that helps businesses consolidate and sync data from various sources into a centralized data warehouse. It simplifies the process of data collection and transformation for analytics and business intelligence purposes.
The leap from $200 million to $300 million in ARR within a single year underscores Fivetran's impressive growth rate of 50%.
Fivetran's customer growth has been equally impressive, with the company now serving over 6,500 clients, including industry giants such as JetBlue and Morgan Stanley.

Snyk Code is a security tool designed to enhance code security while maintaining a developer-friendly experience.
It allows developers to scan their source code quickly, providing immediate feedback and remediation advice without the need for lengthy SAST (Static Application Security Testing) reports.
The growth of Snyk Code is attributed to increased demand from enterprise clients, with a reported over 40% year-over-year increase in ARR from this segment. In the second quarter of 2024, more than 70% of new net additions came from enterprise customers.

Menlo Security is a cybersecurity company specializing in browser security solutions. It aims to protect enterprises from web-based threats by transforming every browser into a secure enterprise browser.
It surpassed $100 million in annual recurring revenue (ARR), achieving a remarkable 50% growth over the past two years.
Over 1,000 global enterprises and government agencies now relying on its secure browsing solutions.

Camunda is a versatile process orchestration platform that enables developers to design, automate, and enhance business processes. It offers a scalable solution available as self-managed or on-demand as-a-service.
Camunda supports workflow and decision automation, utilizing visual BPMN and DMN languages for collaboration between technical and non-technical stakeholders.
The expansion of Camunda's customer base is a testament to its growing influence in the market, now serving over 55 million customers worldwide.

Wave AI is an AI-powered note-taking application designed to simplify the process of capturing and understanding information from meetings, conversations, and other audio sources.
After achieving an impressive $2 million ARR within just six months of its launch, it is now surpassed $4M ARR two months later.

Vidyo.ai is an AI-powered video editing platform designed to streamline the process of creating short, engaging clips from longer videos.
Developed by videoAI Ventures Pvt. Ltd., this tool offers features such as automatic clip selection, customizable editing options, and direct social media posting.
It reached $1.5 Million in ARR in Just 12 Months Without Zero Marketing Spends!