ElevenLabs hits $22B valuation after $300 million employee tender offer
AI voice tech startup ElevenLabs, based in London, just hit a massive $22 billion valuation after a $300 million employee tender offer wrapped up on Wednesday.
Instead of raising new money, this move let employees and existing shareholders cash out some of their shares, thanks to backing from big names like Wellington, T. Rowe Price, Andreessen Horowitz, and Goldman Sachs.
ElevenLabs powers 15 million+ weekly AI conversations
Founded in 2022, ElevenLabs turns text into super-realistic speech in more than 90 languages and powers more than 15 million weekly AI conversations for things like refunds or booking appointments.
With AI voice agents getting more popular (even Meta is jumping in with its own), demand for this tech is booming, and that's what's driving the company's sky-high value right now.