One of the UK’s most valuable AI startups has picked central London for the site of its new European headquarters, the Standard can reveal.ElevenLabs, which develops AI-powered audio in different languages, has signed a lease for office space in Soho’s Wardour Street, at the heart of the capital’s creative and media districts.
The new site will accommodate the 20 current London-based team members, with plans to expand this to 40 within the next 6 months and 100 within the coming years. As part of the office launch, the firm plans to open an incubator-style space in the building for London-based startups and creatives that work with AI-powered audio to help get new projects off the ground, offering grants to the best candidates.
ElevenLabs co-founder and CEO Mati Staniszewski said: “We’re very excited to be opening an office in London. London is so international and diverse and as a team we have a lot of people in London from so many countries and who speak different languages.
“Not only is it an effective beacon for both the US and Europe to recruit people from but we’re seeing some of the best talent is already here, as well as some of Europe’s most exciting AI businesses.”
In January, ElevenLabs raised an $80 million Series B round, reaching a valuation of $1.1 billion and achieving ‘unicorn’ status less than two years after launch. Former GitHub CEO Nat Friedman joined the funding round, alongside Daniel Gross, an entrepreneur who led AI development at Apple, and tech venture capital firm Sequoia.
The move adds ElevenLabs to a growing list of large tech firms who have set up significant AI units in the capital amid an explosion of interest in the technology from investors and consumers.
Last year, ChatGPT maker Open AI established its first overseas office in London, while Microsoft opened a new AI hub in Paddington and US firm C3.ai relocated its European headquarters from Paris to London. An Evening Standard analysis found that the UK’s top AI entrepreneurs had amassed personal fortunes worth more than £3 billion by the end of last year.
Research by London & Partners shows that over three-quarters (77%) of international business leaders in the AI sector consider London to be more supportive of AI development than other leading AI hubs.
Janet Coyle, Managing Director of Grow London at London & Partners, said: “The fact that we have incredibly innovative companies like ElevenLabs choosing London for its European headquarters is not only a testament to the city’s thriving ecosystem but also to our solid AI credentials.
“We’re thrilled to have ElevenLabs join us here and play an important part in developing the technology of tomorrow.”
