ElevenLabs valuation doubles to $22 billion as enterprise demand for AI voice agents soars
AI voice company ElevenLabs has doubled its valuation to $22 billion after completing a $300 million employee tender offer, marking a sharp increase from the $11 billion valuation it reached in its February funding round.
The tender was led by investment firms Wellington and T. Rowe Price, with participation from existing backers including Andreessen Horowitz and Lightspeed, as well as new investors such as EQT and Goldman Sachs. Unlike a traditional funding round, the transaction allowed employees and existing shareholders to sell shares to investors, providing liquidity without necessarily putting new capital into the company.
Voice Agents Drive Rapid Growth
The latest valuation reflects growing investor interest in AI agents that can perform tasks on behalf of businesses, particularly through natural voice interactions.
ElevenLabs said its conversational agents now handle more than 15 million conversations every week, three times the level reported in February. The agents are being used for tasks including processing refunds, renewing insurance policies and booking appointments.
The company said organizations including Stripe, Deutsche Telekom, DoorDash's SevenRooms, Admiral and Customers Bank have deployed its ElevenAgents platform. Governments in Ukraine and Greece are also among its customers. Enterprise customers now account for 55% of ElevenLabs' revenue, according to The Times.
From Text-to-Speech to Full AI Interactions
Founded in 2022 by Mati Staniszewski and Piotr Dąbkowski, ElevenLabs initially built its reputation around highly realistic text-to-speech and voice-cloning technology.
The company has since expanded into a broader AI interaction platform, combining its own speech models with conversational agents capable of connecting to company knowledge and business systems. Its latest fourth-generation models, Eleven v4 and v4 Turbo, are designed to deliver faster and more expressive speech, particularly during longer interactions.
ElevenLabs says its technology can speak, listen, and translate across more than 90 languages, expanding its potential use beyond English-speaking markets.
Investors Bet on the Next Phase of AI
The valuation jump comes as investors increasingly shift their attention from AI models themselves toward applications capable of performing useful work.
ElevenLabs' latest transaction also reflects the intense competition for AI talent. CEO Mati Staniszewski said the secondary sale gives employees an opportunity to participate in the value they have helped create while helping the company remain competitive in recruiting AI researchers.
The company has grown to more than 800 employees across 20 countries, more than doubling its workforce over the past year. Staniszewski has said ElevenLabs wants to be ready for a potential initial public offering within the next two to two-and-a-half years, although the timing will depend on market conditions.
