ElevenLabs Doubles Valuation In 7 Months, Now Valued At $22 Billion In Employee Tender Offer
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ElevenLabs has closed a $300 million employee tender offer that values the AI voice company at $22 billion, twice the valuation it carried at its Series D in February. The tender was led by Wellington Management and T. Rowe Price. The valuation marks a steep climb for a company that raised its first round in 2022 at a valuation of just $9 million. That round was announced alongside Eleven v1, the company's first text-to-speech model. Four years on, ElevenLabs has just released two new text-to-speech models, Eleven v4 and v4 Turbo, which it describes as its fastest and most emotive yet and says are already leading independent benchmarks. The growth story at ElevenLabs is increasingly about enterprise rather than individual creators. Businesses now account for 55% of the company's revenue, driven by adoption of ElevenAgents, its platform for deploying conversational AI agents connected to a customer's knowledge and systems. ElevenLabs says its technology is used in daily operations at five of the world's ten largest tech companies, five of the ten largest insurers, and four of the ten largest telecom firms. Since February, organisations including Stripe, Deutsche Telekom, DoorDash's SevenRooms, Admiral, Customers Bank and Cadence have rolled out ElevenAgents, as have the governments of Ukraine and Greece. The company says its agents now handle more than 15 million...
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