ElevenLabs valuation doubles to $22 billion amid AI voice-agent surge
ElevenLabs, an AI voice generation startup, has achieved a $22 billion valuation following the completion of a $300 million employee tender offer on Wednesday. This valuation represents a doubling from the company's $11 billion valuation secured in its February Series D funding round of $500 million. The tender offer, which allows employees and existing shareholders to sell stocks to investors without necessarily raising new capital, was led by Wellington and T. Rowe Price, with participation from existing backers Andreessen Horowitz and Lightspeed, alongside new investors EQT and Goldman Sachs.
Founded in 2022 by Piotr Dabkowski and CEO Mati Staniszewski, the London-based company develops AI voice tools that convert text into speech. ElevenLabs' voice agents now handle more than 15 million conversations weekly—triple the level recorded in February—performing tasks including processing refunds, renewing insurance policies, and booking appointments. The company's models can speak, listen, and translate in more than 90 languages used by over 5.5 billion people.
The significant increase in ElevenLabs' valuation reflects the growing market demand for AI agents capable of automating customer service and routine back-office tasks. CEO Mati Staniszewski stated, "We're already seeing rapid adoption of expressive voice agents by enterprises and governments, who are deploying them in service of consumers and citizens." Major technology companies, including Meta Platforms, have also entered the market with their own AI agent offerings.
