[logiduck]

Seems like the Moat they might have is licensing is if they start getting celebrities or studios to license their tech. Very big market for animation studios to have this tech.

If they were the shop where you go to get a famous person's or character's voice I could see it reaching this valuation.

But as a pure tech play, seems likely that in 2-3 years the open source models will be good enough to not need an established player.

If you go on Fiverr and ask for a text narration, most of the people on there just use elevenlabs or a similar service and aren't actually doing the narration themselves but essentially just licensing their voice.