ElevenLabs has raised its valuation to $22 billion after closing a $300 million employee tender offer, doubling its valuation from the Series D round in February this year.
The tender offer was led by Wellington Management and T Rowe Price, with EQT, Goldman Sachs, GIC, Ontario Teachers’ Pension Plan, Sapphire Ventures, and BDT & MSD Partners investing in the company for the first time. Existing investors including Andreessen Horowitz, Lightspeed Venture Partners and ICONIQ Capital also participated.
Enterprise customers now account for 55% of ElevenLabs’ revenue, with businesses using its ElevenAgents platform to deploy AI agents for customer support and business operations.
“AI should interact with people the way we interact with each other,” said Mati Staniszewski, Co-Founder and CEO of ElevenLabs. “Getting this right will help ensure AI diffuses widely across the economy, and everyone is able to shape and benefit from it, regardless of technical skill.”
ElevenLabs, founded in 2022, has grown to more than 800 employees. The company said the latest tender offer is part of its effort to give employees regular opportunities to sell shares and participate in the value created by the business.
ElevenAgents now handles more than 15 million conversations each week, three times the volume recorded in February. The company said the platform’s annual recurring revenue has also increased more than threefold over the same period.
The agents are being used for tasks including processing refunds and exchanges, renewing insurance policies, upgrading phone plans, booking healthcare appointments and accessing public services.
ElevenLabs said its technology is now used in the daily operations of five of the world’s 10 largest technology companies, five of the 10 largest insurers and four of the 10 largest telecom companies.
Customers using ElevenAgents include Stripe, Deutsche Telekom, DoorDash’s SevenRooms, Admiral, Customers Bank and Cadence. Governments in Ukraine and Greece are also using the platform.
The company said voice agents resolve customer issues 31% faster than chat agents on average, based on an analysis of its customers.
ElevenLabs is also seeing more companies use its platform across multiple channels. The number of companies deploying multichannel support with ElevenAgents has doubled since February, with businesses connecting interactions across channels such as WhatsApp, phone calls and email.
The company has built vertical-specific solutions for financial services, healthcare, government, retail and telecoms, with industry-specific integrations and model configurations.
Alongside its agent platform, ElevenLabs continues to develop speech and audio models. The company recently released Eleven v4 and v4 Turbo, which it described as its fastest text-to-speech models.
ElevenLabs said its models can speak, listen and translate in more than 90 languages spoken natively by more than 5.5 billion people. It also recently released Scribe v2 Medical, a transcription model focused on healthcare.
The company said it follows a full-stack approach covering research, product development and deployment. Its engineers work with customers to configure models and agents for specific industries, languages and use cases.
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