Venture Capital · Invest Informatics
Venture Capital · Private Markets

Before the ticker.

The defining companies of the next decade are still private. We cover them with the same eleven-section discipline as our listed research, round by round, all the way to the listing. And past it.

15 companies covered Seed to pre-IPO Followed through listing
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Coverage

Fifteen companies, covered pre-IPO.

Every name below has a full research note live in the library today. Where no reliable primary valuation exists, we say so rather than estimate. One name has already made the journey from this table to the public markets.

Company Sector Last mark Analysis
ABRIDGEAbridge AI healthcare $5.3B Live
COGNITIONCognition AI AI software $26B Live
DATABRICKSDatabricks AI software $134B Live
ELEVENLABSElevenLabs AI software $11B Live
HARVEYHarvey AI software $11B Live
ISOMORPHICIsomorphic Labs AI healthcare Undisclosed Live
MISTRALMistral AI Artificial intelligence Undisclosed Live
NSCALENscale Artificial intelligence Undisclosed Live
OPENAIOpenAI Artificial intelligence $852B* Live
REVOLUTRevolut Payments & fintech Undisclosed Live
SPACEXSpaceX Aerospace & defense Listed · SPCX Live
SYNTHESIASynthesia AI software Undisclosed Live
TESSLTessl AI software Undisclosed Live
WAYMOWaymo Autonomous driving Undisclosed Live
WAYVEWayve Autonomous driving Undisclosed Live

Last mark is the most recent disclosed post-money valuation. *OpenAI figure is the reported post-money valuation at its most recent financing, as stated in our note. SpaceX was covered here as a private company and listed on Nasdaq in June 2026 – the first name on this shelf to go public. Read the notes in the research library.

A look inside

Institutional research. Adapted for private markets.

Every private company note follows the same eleven-section framework as our listed-equity coverage, adapted for the private context. Cap-table reality, funding history, founder background, and the path to public markets, all set out plainly. Below is the ElevenLabs note – its framework open to read, the full analysis unlocked with Premium.

Private Company Note
Invest Informatics - Financial Research AnalysisPublished April 2026
PRIVATE COMPANY NOTE · INFORMATIONAL & EDUCATIONAL
Eleven Labs Ltd (ElevenLabs)
AI voice & audio intelligence · Private · Companies House 13826669 · London, UK · Founded 2022, Poland-born
Private CompanyIncorporated Jan 2022Founders Staniszewski & DąbkowskiFY ends DecemberBuilding to IPO
$330M
ARR – end 2025
+175% YoY · from $120M
+$100M
Net new ARR · Q1 2026
best quarter
$11B
Post-money valuation
Series D · Feb 2026
$781M
Total raised
across 5 rounds
IPO
Path to public markets
CEO-confirmed · 2027-28
AT A GLANCE
ElevenLabs has scaled ARR from roughly $25M to $330M in 23 months, adding $100M of net new ARR in Q1 2026 alone – among the fastest ramps in AI software. A $500M Series D in February 2026 set an $11B post-money valuation (~33x ARR), with a16z quadrupling, ICONIQ tripling and Sequoia adding. The CEO has confirmed an IPO path; no timeline is set.
Private company. Eleven Labs Ltd files annual accounts at Companies House (no. 13826669); the most recent cover the year ended 31 December 2024. ARR figures are company-disclosed via the Series D press release (Feb 2026) and the CEO’s LinkedIn – ARR is a contracted run-rate metric, not GAAP-recognised revenue.
S1Company overview
Eleven Labs Ltd is a London-headquartered AI voice platform building foundation models for audio intelligence – text-to-speech, voice cloning, speech-to-text, dubbing and conversational agents. Incorporated 4 January 2022 by Polish childhood friends Mati Staniszewski and Piotr Dąbkowski, it launched in January 2023 and reached one million users within five months. By March 2026 it employed roughly 776 people across 14 cities.
S2The case for & against
The argument in one line: is a 23-month run from $25M to $330M ARR and an $11B mark the start of a durable voice-AI franchise, or a private valuation racing ahead of an unaudited, hyperscaler-exposed base?
PATH TO PUBLIC MARKETS · SEED → SERIES D → IPO
now · Series D · $11B
IPO
Seed 2022
Evidence grade. Every point below carries a grade for how solid its support is – it rates the evidence, not the company. Strongest first:
DISCLOSEDcompany-filed or press-released TRENDrepeated across rounds MGMT CLAIMsaid, not yet proven MARKET VIEWopinion – can change
For
Against
ARR ramp at extreme velocityTREND
$25M → $330M in 23 months; +$100M in Q1 2026 alone.
ElevenAgents widens the marketDEMAND
Enterprise voice agents dwarf the TTS line; Deutsche Telekom and Klarna are early adopters.
Insiders re-upping hardDISCLOSED
a16z 4x, ICONIQ 3x, Sequoia adding; Lightspeed and BOND new at D.
Quality leadershipMARKET VIEW
Flash v2.5 sub-75ms; rated most human-like in benchmarks.
Synthetic-voice dual-use riskPOLICY
The NH robocall showed real-time misuse; EU AI Act and FCC scrutiny scale with the platform.
Hyperscaler pressureMARKET VIEW
Google, Microsoft and Amazon can bundle voice at marginal cost; procurement favours consolidation.
Cost structure is opaqueDISCLOSURE
Path to profitability isn’t public; FY2024/25 accounts will reveal the loss rate.
~33x ARR leaves no slackVALUATION
$6.6B → $11B in months; priced for sustained hypergrowth.
KEY INVESTOR ACTIVITY
Sequoia CapitalSeries D lead · $500M
a16z (Andreessen Horowitz)Every round · 4x at D
ICONIQ GrowthSeries C · 3x at D
NVIDIAStrategic · tender
Lightspeed · BONDNew at Series D
Dt. Telekom · Klarna · RevolutEnterprise + investor
KEY FACTS
StatusPrivate – building to IPO
Post-money valuation$11.0B (Feb 2026)
Total raised$781M
Implied multiple~33x ARR
RoundsSeed → Series D (5)
HeadquartersLondon, UK
FUNDING HISTORY
Series D · Feb 2026$500M · $11B
Tender offer · Sep 2025$6.6B
Series A-C · 2023-25a16z, ICONIQ
Seed · 2022first round
REVENUE & SCALE
ARR · end 2025$330M
ARR · ~23 months ago$25M
Net new ARR · Q1 2026+$100M
Enterprise growth+200% YoY
Employees~776 · 14 cities
COMPETITIVE LANDSCAPE
Deepgram$1.3B · STT API
Cartesia · ResembleLow-latency API
Murf · Lovo · SpeechifyCreator TTS
SoundHoundNasdaq: SOUN
OpenAI · Google · MicrosoftHyperscalers
Unlock the full ElevenLabs note. All eleven sections, with Premium. View Plans →

ElevenLabs · Voice AI · $11B post-money · $330M ARR · Series D

In development

What the full programme adds.

We are currently expanding our capabilities further into the private field, however this extended service still needs some time. Five capability lines are being built. None are ready to ship yet, and we will not announce a launch date we cannot meet.

  1. 01
    Broader sector depth
    Extending coverage beyond AI into climate technology, biotech, and fintech private firms with the same institutional framework.
  2. 02
    Funding round commentary
    Observer notes on major rounds, valuation trajectories, and lead investor activity. Same standards as listed-equity broker action tracking.
  3. 03
    Cap-table dynamics
    Dilution mechanics, preferred share structures, liquidation preferences, and what they mean for common shareholders.
  4. 04
    Founder and board analysis
    Background on key personnel, board composition changes, and what governance structure signals about the next phase.
  5. 05
    Pre-IPO trajectory monitoring
    For companies on the path to listing, the milestones that matter and the signals that move the timeline.
Premium Access

The private notes are ready when you are.

The fifteen private company notes sit alongside two hundred plus listed-equity notes in the main research library. Open to all Premium members today. The full Venture Capital programme arrives later.

View Plans →

Already a member? Read the private notes directly in the research library.

Full programme · In development · Updates here as progress lands