ElevenLab’s valuation doubles to $22BN, as completes $300M employee tender offer

ElevenLabs, the UK AI-audio generator, has seen its valuation double to $22 billion in less than a year, with the company completing a $300 million employee tender offer. ElevenLabs CEO Mati Staniszewski announced the completion of the tender offer on X, alongside a progress report on the company. The AI platform converts text into human-like speech, leading to its rise in popularity among enterprises and governments.

ElevenLabs reported two new text-to-speech models and an AI platform that allow for expressive voice agents. The $22 billion valuation is double the $11 billion valuation from February, when the company raised $500 million in a primary Series D funding round. Notable investors in the tender offer included Wellington, T Rowe Price, EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD, along with existing investors such as Andreessen Horowitz, Lightspeed, Iconiq, D.E.

Shaw, Evantic, Disruptive, and Alkeon. Staniszewski emphasized the importance of AI interacting with people in a human-like manner, as it could help ensure the widespread adoption of AI in the economy and allow everyone to benefit from it, regardless of their technical skill.