Voice AI market research startup Listen Labs signed a term sheet for a $125 million Series C at a $1.5 billion valuation, led by Menlo Ventures, but ultimately abandoned the deal, according to people familiar with the matter. The collapse appears linked to acquisition discussions with Salesforce, which has reportedly been in talks to acquire Listen Labs for around $2 billion, though the deal remains unfinalized.
Listen Labs, founded in 2023 by Florian Jüngermann and Alfred Wahlforss, uses AI to conduct customer interviews via audio or video and compiles the results into research reports, aiming to reduce the time and cost of traditional market research. The startup reports about $30 million in annualized revenue, roughly triple that of competitor Simile, which closed a $200 million round at a $2 billion valuation in July, a benchmark some investors believe could shape Listen Labs’ next valuation if it returns to the market.
Sources indicated that while acquiring Listen Labs could bolster Salesforce’s AI-driven customer insight capabilities, the company may balk at a valuation representing a steep revenue multiple. Listen Labs’ customers include Microsoft, Canva, Anthropic, and Sweetgreen. The company was previously valued at $500 million following a $69 million Series B round in January led by Ribbit Capital. Competitors in the AI-driven research space include Simile, Outset, Keplar, and Aaru.
