London-based AI voice firm ElevenLabs has achieved a $22bn (£16bn) valuation after completing a $300m employee share sale. This marks a significant increase, with the company's valuation having doubled since its $11bn Series D funding round in February.
The tender offer, led by Wellington and T. Rowe Price, allowed employees and existing shareholders to sell stock. New investors in ElevenLabs include Goldman Sachs, Singapore’s GIC, EQT, Ontario Teachers’ Pension Plan, Sapphire Ventures, and BDT & MSD, joining existing backers such as Andreessen Horowitz, Lightspeed, and Iconiq.
ElevenLabs has expanded its offerings from an AI voice generator to a broader platform for businesses to use conversational agents. Enterprise customers now contribute 55% of the company's revenue, and the annual recurring revenue from its conversational AI platform, Eleven Agents, has more than tripled since February. These agents currently manage over 15 million conversations each week for tasks like refunds, insurance renewals, and healthcare bookings.
Co-founder and chief executive Mati Staniszewski stated that the company is observing rapid adoption of expressive voice agents by enterprises and governments. Customers include Stripe, Deutsche Telekom, Admiral, and Sevenrooms, with the governments of Ukraine and Greece also deploying the technology. ElevenLabs reports its products are used in daily operations by five of the world’s 10 largest tech companies, five of the 10 biggest insurers, and four of the 10 largest telecoms groups.