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 ElevenLabs announced on Wednesday that it had completed a $300 million employee tender offer, valuing the artificial intelligence voice generation startup at $22 billion. This valuation is double the amount the company secured in its February funding round.
The tender offer was led by Wellington and T. Rowe Price, with participation from existing investors such as Andreessen Horowitz and Lightspeed, as well as new investors including EQT and Goldman Sachs. A tender offer allows employees and existing shareholders to sell their stock to investors, providing liquidity without 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. Meta Platforms has also expanded its personal AI agent, Muse, to small businesses.
Founded in 2022 by Piotr Dabkowski and CEO Mati Staniszewski, ElevenLabs develops AI voice tools that convert text into speech. The company stated that its AI agents now handle over 15 million conversations weekly, a threefold increase since February. These agents perform tasks such as processing refunds, renewing insurance policies, and booking appointments. ElevenLabs' models support over 90 languages.