Key facts
- ElevenLabs' valuation doubled to $22 billion following a $300 million employee tender offer.
- The company's valuation in February was $11 billion.
- ElevenLabs' AI agents handle over 15 million conversations weekly, up from 5 million in February.
- The AI voice tools developed by ElevenLabs can speak, listen, and translate in over 90 languages.
- Businesses are increasingly adopting AI agents for tasks like customer service and back-office automation.
London-based AI voice generation startup ElevenLabs announced on Wednesday that it had completed a $300 million employee tender offer, valuing the company at $22 billion. This valuation doubles the $11 billion valuation the company achieved in its February funding round. The tender offer was co-led by institutional investors Wellington and T. Rowe Price, with participation from existing investors including Andreessen Horowitz and Lightspeed, as well as new investors such as EQT and Goldman Sachs. Employee tender offers allow employees and existing shareholders to sell their stock to investors, providing liquidity without the company necessarily raising new capital. Businesses are increasingly adopting AI agents to automate tasks like customer service and routine back-office operations, driving significant investment in AI developers. ElevenLabs stated that its AI agents now handle over 15 million conversations weekly, a threefold increase since February, performing tasks such as processing refunds, renewing insurance policies, and booking appointments. Founded in 2022 by Piotr Dabkowski and CEO Mati Staniszewski, ElevenLabs develops AI voice tools that convert text into speech and support over 90 languages.