AI startup ElevenLabs may soon be valued at $3 billion as investors scramble to participate in the rapidly growing company. The firm develops AI tools for audiobooks and video dubbing. TechCrunch reports that ElevenLabs’ annual recurring revenue has surged from $25 million to $80 million in recent months. This makes the two-year-old startup one of the fastest-growing companies in practical AI applications. A potential new funding round could be completed in the coming weeks, potentially tripling the company’s valuation compared to its last round in January. ElevenLabs specializes in creating synthetic voices for audiobook narrations and real-time video dubbing into other languages.