Listen Labs made the Early-stage cut on Madrona's 2025 Intelligent Applications 40, the fifth annual IA40, built from more than 340 nominated companies, scored with data from PitchBook, and voted on by over 70 venture investors across 54 firms. The Early-Stage category is reserved for companies that have raised under $30 million. Twenty-seven of this year's 40 winners are first-timers, and together the group has raised $119 billion.

We'd raised $27 million at the time, led by Sequoia Capital. Teams use Listen Labs to run hundreds of structured, AI-moderated interviews in parallel, with transcripts, reports, decks, highlight reels and more sorted into a searchable database as each interview finishes.

Madrona's Matt McIlwain described this year's list as recognition for "the builders of intelligent systems, not just tools, but reasoning machines that improve with use."

The full 2025 IA40 list, and the methodology behind it, is on Madrona's site. Thanks to Madrona and the investors who put it together. A huge thank you to our customers and supporters for helping us get here.

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