The Stockton firm updated shareholders on a robust first half, but reiterated how customers have been cautious to invest

North East drinks and vending tech firm Vianet has announced it has sealed a “significant” deal with a US restaurant group. The Stockton business, which specialises in telemetry and data collection, said its subsidiary Vianet Americas Inc has entered a long-term, multi-year agreement with a large full-service restaurant company.

Under the deal, the value of which has not been disclosed, the US restaurant firm will use Vianet’s Beverage Metrics solution – the US-based, inventory software business Vianet acquired in 2023 – in its sites across the nation, within one of its major brands. The system helps hospitality operators to monitor and manage inventory.

James Dickson, president of Vianet Americas Inc and CEO of its parent company Vianet Group PLC, said: “This agreement reflects continued progress in the group’s strategy and together with our recent contract with World of Beer, and new partnership agreement with www.Fintech.com, it reinforces our long-term commitment to investing in the US hospitality market, which continues to perform strongly.

“Deploying Beverage Metrics to a leading restaurant operator validates the relevance of our technology for large, multi-site operators in delivering measurable operational and financial benefits at scale.”

The deal was announced as the company provided a trading update to shareholders, highlighting how its two divisions – hospitality and unattended retail – are expanding their installation footprint by extending existing customer contracts and winning new clients, despite the backdrop of UK economic uncertainty, particularly within hospitality.

Despite delivering recurring income and a healthy pipeline, it said its “customers’ current cautious approach to investment” meant its activities had been slower than previously anticipated in the second half of the year. It said a “robust” performance in the first half of 2026 saw Ebitda rise by 10.5% to £1.88m, but it expects full year profit to be similar to its 2025 performance.

Last June it reported Ebitda of £4.14m for its 2025 financial year. At the year-end, it said net debt is projected to be in line with market forecasts, which it said should facilitate a continued increase in the group’s final dividend.

Mr Dickson added: “I’m pleased with the progress our business is making despite the challenging economic environment. The expansion of existing customer contracts, the acquisition of new clients, and our advancements in the USA underscore the strength and quality of our operations.

“These developments will drive growth in recurring income and enhance cash generation. We remain optimistic about the group’s outlook and expect to deliver increased returns for our shareholders.”

Last November Vianet said earnings grew 11.6% to £1.73m in the six months to the end of September, and described a “solid” performance in which recurring revenues made up 84% of total income, with gross margins said to be healthy. The increase in Ebitda was in line with expectations despite a £140,000 investment in Beverage Metrics.

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Scottie Scheffler is the dominant force in men’s golf right now, and his rise has been one of the most remarkable stories in modern sports. Here are 10 essential things you need to know about the world No. 1.

1. He is a multiple major champion

Scottie Scheffler has already built a major-championship résumé that puts him in elite company. He owns multiple Masters Tournament titles, winning his first green jacket in 2022 and adding a second Masters victory in 2024. In 2025 he captured the PGA Championship, giving him at least three majors before turning 30 and placing him alongside some of the game’s greatest early-career performers. At The Open, he has also contended on links golf’s biggest stage and is now recognized as a complete player across all major setups.

2. He has already dominated a full PGA Tour season

Scheffler’s 2024 campaign is widely viewed as one of the best single seasons of the modern era. That year he won the Arnold Palmer Invitational for a second time, then became the first back‑to‑back winner in the history of The Players Championship, a tournament often called the sport’s “fifth major.” He followed that with a second Masters title and a win at the RBC Heritage, giving him four victories in five starts during an astonishing spring run. Later that stretch of dominance helped propel him to the FedEx Cup title and the season‑ending Tour Championship, cementing his status as the game’s standard‑bearer.

3. He’s a former world No. 1 with a historic reign

Scheffler is not just a one‑year wonder; he has sat atop the Official World Golf Ranking for a sustained period. After his breakout wins in 2022, he ascended to world No. 1 and has repeatedly reclaimed and extended that position. By 2025 he became the first player since Tiger Woods in 2007 to reach 100 consecutive weeks as world No. 1, a milestone that underscores how completely he has separated himself from his peers. As of early 2026, official profiles still list him at No. 1 in the world rankings, with a sizable cushion in advanced statistical metrics and points systems.

4. His college roots are at the University of Texas

Before he was the dominant pro on television, Scheffler was a standout at the University of Texas, one of the premier college golf programs in the United States. At Texas he collected wins and top finishes in major collegiate events, including a Big 12 Championship title and strong showings in NCAA regional and national championships. His performances for the Longhorns confirmed what junior and amateur observers already suspected—that he had the temperament and ball‑striking to thrive against the very best.

5. He tore through the Korn Ferry Tour on his way up

Scheffler did not skip steps on his way to the PGA Tour. After turning professional in late 2018, he spent a full season on the Korn Ferry Tour, the main developmental circuit for PGA Tour hopefuls. There he won multiple titles, finished at the top of the points list and comfortably secured his PGA Tour card for the 2020 season. His dominance at that level hinted that his ceiling was far higher than simply keeping a card; it foreshadowed a quick leap into the game’s top tier.

6. His breakout PGA Tour season came in 2022

Although Scheffler’s rookie year on the PGA Tour in 2020 brought plenty of promise—including a final‑round 59 at The Northern Trust—2022 was the year he became a superstar. That season he picked up his first PGA Tour win at the WM Phoenix Open in February, defeating Patrick Cantlay in a playoff. He followed with victories at the Arnold Palmer Invitational and the WGC‑Dell Technologies Match Play before winning the Masters for his first major championship. The run earned him Player of the Year honors and vaulted him to No. 1 in the world, transforming him from promising talent to the face of men’s golf.

7. He is a prolific winner with huge career earnings

By mid‑2025 Scheffler had compiled 15 PGA Tour wins and 20 professional victories overall, including titles on the Korn Ferry Tour and at the limited‑field Hero World Challenge. Those tallies include his three majors and one World Golf Championship, plus multiple wins in signature events like The Players and the Arnold Palmer Invitational. Official PGA Tour records show that he has surpassed $100 million in career earnings, making him one of the highest‑earning players in tour history at a relatively young age. His victory at the 2024 Tour Championship alone delivered a $25 million FedEx Cup bonus, highlighting the financial scale of his dominance in the current era.

8. He is an Olympic gold medalist

Scheffler’s résumé is not limited to the PGA Tour and majors—he has also succeeded on one of the biggest global stages in sports. At the 2024 Paris Olympics he captured the gold medal in men’s golf, representing the United States. The victory added a unique line to his legacy, placing him among the rare modern golfers who can claim both major titles and Olympic hardware. That performance reinforced his reputation as a player who thrives under pressure and delivers when national pride is on the line.

9. He has been a key figure in U.S. team golf

Scheffler has become a fixture on American Ryder Cup and Presidents Cup teams. He made his Ryder Cup debut in 2021, contributing to a record‑setting U.S. victory and impressing observers with his poise in the intense match‑play environment. Since then, he has been viewed as a cornerstone of U.S. team lineups, often slotted into crucial singles and pairing positions thanks to his reliable tee‑to‑green game. His success at the WGC‑Dell Technologies Match Play further underscores his comfort in one‑on‑one showdowns, a critical asset in team competitions.

10. His game is built on elite ball‑striking and improved putting

Statistical profiles consistently show Scheffler near the top of the PGA Tour in strokes gained tee‑to‑green, reflecting his exceptional driving, iron play and short‑game control. For much of his early career, analysts viewed putting as the one relative weakness in an otherwise complete package. That narrative shifted in 2024, when he changed to a mallet putter—reportedly after a suggestion from fellow star Rory McIlroy—and transformed his performance on the greens, draining virtually everything inside 15 feet during his win at the Arnold Palmer Invitational. With his putting upgraded to match his ball‑striking, Scheffler’s margin over the field widened dramatically, fueling the historic win streaks that defined his mid‑2020s peak.

Scottie Scheffler’s story is still being written, but the outline is already clear: a college standout who dominated the developmental tour, exploded into multiple‑major stardom, anchored U.S. teams and put together a world‑No.‑1 reign that draws direct comparisons to the game’s all‑time greats.

PGP Glass, which is fully owned by Blackstone, is expected to raise about $400 million to $500 million through the public listing, the sources said. Bloomberg reported last month that Blackstone was considering an IPO at a valuation of around $4 billion.

Blackstone spokesperson declined to comment.

Blackstone acquired Piramal Glass from the Ajay Piramal family in 2020 at a valuation of about $800 million. The transaction was advised by Axis Capital and Bank of America.

PGP Glass Private Limited is a global specialist in design, production, and decoration of glass packaging, providing glass packaging solutions for customers in the Cosmetics & Perfumery, Food & Specialty Spirits, and Pharmaceuticals industries.

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It has presence in India and Sri Lanka with an overall capacity of 1,720 tonnes per day, with 12 furnaces and 70 production lines. It has offices and warehousing facilities in France, Germany, Turkey, Spain, Brazil, India, the UAE, UK, and Sri Lanka. PGP Glass serves customers in over 50 countries around the world, according to the company website. About 77% of its sales come from high end cosmetics and specialty spirits.
Incorporated in 1974, Piramal Glass (formerly Gujarat Glass) was acquired by the Piramal Group in 1984. In 1990, it was merged with Piramal Healthcare Limited (PHL, erstwhile Nicholas Piramal India Limited), and in 1998, the glass division was spun off to a subsidiary. Subsequently, private equity (PE) investors picked up 46% stake in this subsidiary. After restructuring operations, in July 2003, PHL divested its 54% holding in Gujarat Glass to a new subsidiary, Kojam Fininvest, which was subsequently listed. This was followed by the merger of Kojam Fininvest into Gujarat Glass and the merged entity was later relisted as Piramal Glass Limited. It was delisted from both stock exchanges effective from July 2014.

ASEAN currencies demonstrate resilience through economic fundamentals and integration efforts. Initiatives like local currency frameworks and fintech development reduce reliance on the US dollar, enhancing regional stability and investment opportunities.

ASEAN currencies have shown significant resilience to global economic shocks driven by robust domestic economic fundamentals, effective policy buffers, growth in FDI and investments and global developments, such as geopolitical uncertainties, trade tensions and financial crises.

Key Points

• Resilience of ASEAN currencies
  • Strong domestic fundamentals, prudent monetary policies, and large foreign reserves have helped withstand global shocks.
  • Growth in exports (US$1.9 trillion in 2024) and FDI (US$234 billion in 2023) supports stability.
• Geopolitical pressures and USD reliance
  • Sanctions on Russia and global trade tensions highlight vulnerabilities of USD dependence.
  • ASEAN nations are diversifying reserves and promoting intra-regional trade to reduce reliance on the dollar.

Mounting geopolitical uncertainties and trade tensions, exacerbated by sanctions against Russia, have challenged the US dollar’s dominance driving a need for ASEAN countries to deepen integration, diversify currency reserves, and promote intra-regional trade to build resilience against future crises and reduce reliance on external currencies, the US dollar in particular.

At present, the ASEAN nations are developing an independent and more resilient regional financial system through integration and cooperation initiatives such as Regional Payment Connectivity, integrated QR payments, financial safety nets, Digital Economy Framework and Central Bank Digital currencies that aim to strengthen the payment connectivity among these nations while withstanding external shocks and future crises.

The development of fintech and digital banking in ASEAN has brought in stability to the banking system in the region offering broader currency and economic stability. The evolving fintech and digital banking landscape in the region is offering significant investment opportunities for investors in digital payments and lending, neobanking, embedded finance, investment technology and infrastructure.

ASEAN’s Emergence as a Global Powerhouse Supports Financial Resilience

The ASEAN region, with a total population of 682.7 million and a combined GDP of US$3.8 trillion ranks as the fifth-largest economy in the world. The region has evolved into a rapidly growing hub maintaining strong economic resilience driven by robust household consumption, steady increase in foreign direct investment (FDI), economic diversification and access to developed export markets.

Regional integration initiatives

• Local Currency Settlement frameworks (Indonesia, Malaysia, Thailand) encourage trade in local currencies.
• Regional Payment Connectivity (RPC) and interoperable QR payments lower transaction costs and improve cross-border efficiency.
• Chiang Mai Initiative (US$240 billion swap arrangement) provides financial safety nets.

The manufacturing sector continues to play a crucial role as the key driver of economic growth in the region. Manufactured goods such as electronics, automobiles and parts, textile & garments and agricultural products (such as palm oil, rice and rubber) dominate the exports in the ASEAN region.

In 2024, region’s exports reached US$1.9 trillion (7.7% of global exports) growing from US$1.1 trillion in 2016. Over the past decade, ASEAN’s exports to the US alone have increased roughly from 10% to 17%, highlighting the increased role of ASEAN in international trade.

During the last decade, ASEAN also has demonstrated strong performance in services trade, whereas service exports expanded by 8.0% in 2023 to US$554.2 billion.

During this period, intra-ASEAN trade also experienced significant growth with the removal of tariff on most products across the region (through ATIGA) which has helped build an integrated and stable regional market. In 2023, intra-ASEAN trade exports contributed to 22.1% of total ASEAN exports, growing at an average annual growth rate of 7.3% between 2003-2023.

Intra-ASEAN services trade also has experienced sustained growth over the years accounting for 14% of ASEAN’s total trade in services in 2023 (vs 12.6% in 2022). This strong growth in intra-ASEAN services trade further emphasizes the interdependence among ASEAN nations and strong regional integration.

Having a strong export sector and deep intra-regional integration have helped these nations generate significant foreign exchange earnings that have helped currency resilience through building large foreign exchange reserves.

Exports and foreign investments have been key drivers of economic growth in the region and have helped reduce the need for external borrowings in foreign currency. This has paved the way for the development of strong local currency bond markets which has helped build further resilience by reducing dependence on foreign funding.

Prudent monetary policies (such as interest rate and foreign reserve management) aimed at inflation targeting also has offered currency stability in the region. The inflation across most countries in the region has moderated and remains largely within the target.

Source: Source: Board of Governors of the Federal Reserve System (US)

Central banks in countries such as Indonesia and Vietnam have set higher local interest rates which has helped attract foreign investments due to higher yields, driving local currency appreciation.

The inward foreign direct investment flows into ASEAN have shown steady growth over the years (from US$119 billion in 2015 to US$234 billion in 2023) despite seeing a temporary decline in 2020 due to the COVID-19 outbreak. This growth has been driven by a large consumer market, strong economic fundamentals, diversification of supply chains and favorable government policies.

Geopolitical Uncertainties Create a Need for Building Resilience

The US Dollar has been dominating the global trade for decades, and ASEAN has been no exception. The ASEAN nations rely heavily on the US dollar (USD) as the primary currency for trade with the US and other nations including for intra-regional transactions. However, mounting geopolitical uncertainties and trade tension have challenged the USD’s dominance during the past few years, and the economic sanctions levied against Russia in response to its invasion of Ukraine further exacerbated this situation.

This resulted in a need for the countries in ASEAN to further deepen their integration and cooperation to diversify reserves and promote intra-regional trade. Moreover, this created a desire for ASEAN nations to bolster their resilience to weather future crises by reducing their dependence on external currencies.

ASEAN currencies are now less tied to the USD than before, and during the past decade, the exchange rate/USD (weighted average currency index) has shown less volatility compared to other emerging economies.

De-Dollarization in ASEAN: A Collective Effort 

Local Currency Settlement Frameworks (LCS): The member states in ASEAN are implementing bilateral and multilateral LCS frameworks to promote the use of local currencies for intra-regional trade and investment. The goal is to reduce exposure to external currency volatility while enhancing efficiency for businesses in the region. At present, operational frameworks exist between Indonesia, Malaysia and Thailand, and as a result, transactions in local currencies within ASEAN have seen tremendous growth during the past five years.

Regional Payment Connectivity (RPC): In November 2022, five ASEAN member states (namely Indonesia, Malaysia, The Philippines, Singapore and Thailand) signed a MoU on cooperation on RPC which aims to strengthen bilateral and multilateral payment connectivity among the nations. This has supported faster, cheaper, transparent and more inclusive cross-border payments in the region. The initiative has now been extended to other member states including Vietnam (2023), Brunei (2024), Lao PDR (2024) and Cambodia (2025). The development of the RPC has also attracted countries outside the ASEAN.

Investment opportunities

• Rising demand for fintech, neobanks, embedded finance, and digital infrastructure.
• Strong manufacturing and services sectors continue to attract investors.

Integration of QR Payments: Having an ASEAN interoperable Quick Response (QR) payment is a key focus area of RPC that aims to encourage integration across participating central banks to standardize national payment systems through a common QR code format, ensuring seamless cross-border transactions. QR code systems of several member states including Cambodia (KHQR), Indonesia (QRIS), Lao PDR (Lao QR), Malaysia (DuitNow), The Philippines (QR Ph), Singapore (PayNow), Thailand (PromptPay), and Vietnam (VietQR) have already been connected. These initiatives are expected to lower transaction costs while mitigating foreign exchange risk. In the meantime, Japan is also reportedly exploring the integration of its QR payment system into RPC, with full implementation expected by end-2025.

Regional Financial Safety Nets: A multilateral currency swap arrangement (The Chiang Mai Initiative Multilateralisation (CMIM)) with a funding size of US$240 billion has been in place among the ASEAN+3 member countries (ASEAN, China, Japan, and South Korea) to address balance of payment and short-term liquidity crises (by enabling rapid financing facilities) in the region.

The regulators and central banks in the region have launched several policy frameworks to facilitate seamless transaction in the region.

The ASEAN Policy Framework is a regional initiative that provides the guiding principles for the implementation of interoperable, real-time payment systems across the region. These include common standards, data security (ISO:20022) and linkages between national QR systems.

The Local Currency Transaction Framework is an initiative by the central banks of Indonesia, Malaysia and Thailand to promote the use of local currencies for trade and investment thereby reducing reliance on USD. This framework was extended in 2025 to include portfolio investments to further strengthen financial cooperation in the region.

The ASEAN Digital Economy Framework Agreement (DEFA) is a comprehensive roadmap negotiated by the countries to create the world’s first comprehensive digital trade rules through harmonizing standards, digital trade, cybersecurity and digital payments. Negotiations are expected to conclude, with the agreement signed by 2026.

In addition to the above, the countries in the region are in the process of adopting international standards such as ISO:20022 messaging standard to facilitate data exchange for regulatory compliance and greater transparency.

Central Bank Digital Currencies (CBDCs) to Further Strengthen Regional Integration

ASEAN Countries are actively exploring CBDCs to further enhance financial inclusion and cross-border payments while further strengthening regional efforts to reduce US dollar reliance. While Singapore (a trial is expected in 2026) is at the forefront, Thailand, Indonesia and Malaysia have already launched pilot projects exploring both wholesale and retail applications as a means of modernizing cross-border payments. The other countries in the region including The Philippines, Cambodia and Vietnam have already initiated several measures (such as receiving training, ongoing research, etc.) related to CBDCs to enhance cross-border interoperability.

CBDCs, if made interoperable with systems of other countries, have the potential to reduce transaction costs by cutting down transaction times and facilitating deeper economic ties with other economies in the region. This offers unique advantages to countries in ASEAN by enabling direct settlement in local currencies thereby reducing US dollar dependency and stability against currency volatility.

Fintech and Digital Banking Further Boost Currency Resilience

The development of fintech and digital banking in ASEAN has further enhanced currency resilience by complementing the regional cooperation initiatives. As countries in the region attempts to interlink economies and financial systems, fintech has offered various measures to achieve the above through streamlining cross-border payments.

Digital transformation

• Fintech and digital banking enhance financial inclusion and stability.
• Central Bank Digital Currencies (CBDCs) are being piloted to strengthen cross-border payments and reduce USD dependency.

Digital banks and fintechs in the region offer services such as mobile money, digital wallets and micro-credit to population which were previously unbanked as well as to SMEs in the region promoting financial inclusion. Strong and inclusive economies are inherently more resilient to external pressures which in turn supports currency strength.

In general, fintech applications leverage big data, AI and blockchain that enable financial institutions to accurately assess risk and manage liquidity in real-time. This offers stability to the banking system and resilience to external shocks which in turn provides the foundation for broader currency and economic stability.

Investment Implications for ASEAN

As fintech firms in the region play a crucial role in developing a robust ecosystem for local currency transactions in the region, there has been strong demand for fintech, digital banks and RegTech (regulatory technology) offerings. The acceleration of digital payment platforms and cross-border payment systems such as the RPC initiative have created a fertile ground for fintech investment in ASEAN. Neobanks are rapidly growing in the region targeting its large underbanked population presenting significant opportunities for innovation and growth. At the same time, embedded finance is also transforming ASEAN’s fintech landscape offering significant opportunities in areas including payments, lending, wealth management and insurance infrastructure. In addition to diversified manufacturing and service hubs in ASEAN offering attractive investment opportunities, investors should also look at companies that stand to benefit from this evolving fintech transition (such as infrastructure and technology providers).

Conclusion

The use of local currencies in cross-border transactions in ASEAN is increasing driven by geopolitical uncertainties and trade tensions. Strengthening macroeconomic fundamentals and deepening regional financial integration and payment connectivity have promoted cross-border settlements in ASEAN, accelerating the move away from the USD. The policy makers and central banks in the region have introduced several policy frameworks to develop an independent financial system thus bringing in further resilience to ASEAN currencies.

An evolving fintech and digital banking landscape in the region have further supported this move by improving the efficiency of cross-border transactions. The investors in ASEAN are increasingly hedging their USD exposures with slowdown in the US economy driving further demand for ASEAN currencies. An attractive bond market in the region (including higher yields compared to other developed markets) also offers investors an opportunity for portfolio diversification.

Despite the cooperation among ASEAN countries and the significant progress made towards building an independent financial system in the region, diverse regulatory landscapes among countries, varied stages of digital infrastructure development and the need to harmonize data protection protocols need to be addressed to achieve an independent financial system. While US dollar’s dominance is expected to continue, ongoing collaboration among ASEAN nations have paved the way for gradual development of an independent financial ecosystem.

This article was written by Smartkarma, in collaboration with ASEAN Exchanges. 

Source : Currency Resilience in ASEAN: Moving Towards an Independent Financial System

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Petards says its defence and rail divisions has seen order intake ‘at levels not seen for several years’

Gateshead security tech firm Petards has hailed a boosted £9.2m order book as it expects to post a 24% lift in sales. The listed Team Valley company develops advanced security, communication and surveillance systems for the traffic, wireless, rail and defence sectors, and was recently awarded a £2.2m contract by Rheinmetall BAE Systems Land Limited (RBSL), a joint venture between the largest defence manufacturers in Germany and the UK.

The firm has now released a full-year trading update in which it says improvements in the first half of the year carried through to the remainder of the year, with the year closing with an improved order book. The group said group revenues for 2025 are expected to be up 24% year-on-year to around £14.9m, with adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) of circa £1m, more than double the previous year’s £400,000.

Bosses pointed to a boost in trading within Petards Rail and Petards Defence, with both seeing increases in revenue and profitability, as well as profitable maiden full year’s contribution from Affini, the Derby-based wireless specialist that Petards acquired last year. It said order intake for the year for Petards Rail and Petards Defence were “at levels not seen for several years”.

Following contract awards from the MOD, RBSL and BAE Systems in the last two months of the year totalling £3.5m, the group’s year end order book closed at £9.2m, up from £7.1m, with around 85% scheduled for delivery this year. Meanwhile, QRO – its subsidiary which specialises in providing Automatic Number Plate Recognition (ANPR) and mobile average speed solutions – secured some important framework contract wins during the year.

It said delays in the placement of orders within QRO affected its trading in the second half-year, resulting in lower revenues. Looking ahead, however, it said “revenue momentum is expected to recover” on the back of framework contracts, significant market interest in the newly launched Harrier Mini, and the conversion of overseas opportunities.

Commenting on the current outlook, Raschid Abdullah, chairman, said: “Petards performed well in 2025 generating cash and increasing revenues, with improvements in gross profit margin and profitability, while increasing its order book to £9.2 million at the year end.

“The group enters 2026 in a stronger position than it has in the past few years. While trading continues to be challenging with extended tendering processes, given the strength of the opening order book and its cover for 2026 revenues, the Group is well placed to deliver a continued improvement in its trading performance in the coming year.”

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UK-based artificial intelligence voice company ElevenLabs has raised a further $500 million in fresh funding, pushing its valuation to $11 billion and cementing its position as one of Britain’s most valuable private tech firms.

The latest round was led by Sequoia Capital, with participation from existing investors including Andreessen Horowitz and actor Matthew McConaughey. The deal more than triples ElevenLabs’ valuation from a year ago and brings total funding raised since its 2022 launch to $781 million.

Founded in London by former Google engineer Piotr Dąbkowski and ex-Palantir employee Mati Staniszewski, ElevenLabs has rapidly become a global leader in AI-generated speech. Its technology converts text into highly realistic, human-like voices, supports multilingual dubbing, and has recently expanded into music and sound effect generation.

The platform is increasingly being adopted by enterprises to create AI-powered customer service agents capable of conversing naturally in more than 30 languages. Clients include Deliveroo, Deutsche Telekom, Square, Revolut and the Ukrainian government.

The company has also been at the centre of wider debates around voice cloning and intellectual property. In response, ElevenLabs last year launched its “iconic voice marketplace”, allowing actors and estates to license their voices for commercial use. High-profile participants include Michael Caine and Liza Minnelli, with rights holders able to approve or reject individual requests.

The move is seen as a significant attempt to establish commercial guardrails in an industry facing growing scrutiny over consent, misuse and deepfake content. ElevenLabs previously settled a legal dispute with actors who alleged their voices had been used without permission.

Beyond voice, the company has broadened its ambitions. In August it unveiled an AI music generator capable of producing studio-quality tracks from text prompts, and it continues to invest heavily in transcription, dubbing and conversational AI.

Dąbkowski said the latest funding would accelerate ElevenLabs’ expansion beyond speech. “We started by building a voice that could sound human,” he said. “Now we’re developing foundational models across voice, transcription, music and conversational agents with a world-leading research team.”

The scale of the valuation underlines continued investor appetite for AI infrastructure companies, even as concerns mount over inflated valuations across the sector. ElevenLabs’ growth, however, reflects strong enterprise demand for tools that bring automation closer to human interaction — a space many believe will define the next phase of AI adoption.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.