ElevenLabs valuation reaches 22 billion dollars after 300 million dollar liquidity event

ElevenLabs has reached a valuation of 22 billion dollars following the completion of a 300 million dollar liquidity offering involving employee shares. This new valuation is double the amount recorded during the company's Series D round, which was announced in February. The increase in value coincides with a significant expansion in the adoption of the company's conversational agents by corporate clients.

The growth is driven in part by ElevenAgents, a platform that allows organizations to deploy artificial intelligence agents for voice interactions with customers and employees. The company reports that the annual recurring revenue for this platform has tripled since February. During the same period, the volume of interactions handled by these agents also tripled. The technology currently conducts more than 15 million conversations per week. These interactions include tasks such as processing refunds, handling exchanges, renewing insurance policies, scheduling appointments, and providing access to public services.

Corporate clients now account for 55 percent of the company's total revenue. The company states that its technology is present in the operations of five of the ten largest technology companies in the world. Organizations that have adopted ElevenAgents since the Series D round include Stripe, Deutsche Telekom, SevenRooms, Admiral, Customers Bank, and Cadence. The governments of Ukraine and Greece have also adopted the technology. These implementations cover areas such as sales, customer service, support, and operations.

Mati Staniszewski, co-founder and chief executive officer of ElevenLabs, stated that artificial intelligence should interact with people in the same way that people interact with one another. He noted that the company is observing a growing adoption of voice agents by companies and governments for interactions with consumers and citizens.

The new valuation was established after the 300 million dollar liquidity offering for employee shares. The transaction was led by Wellington Management and T. Rowe Price. New investors in the round included EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD. Existing investors who participated in the transaction include Andreessen Horowitz, Lightspeed, ICONIQ, D.E. Shaw, Evantic, DISRUPTIVE, and Alkeon.

This transaction took place months after the Series D round in February, when ElevenLabs stated that part of the funds would be directed toward expanding the enterprise adoption of ElevenAgents. Beyond conversational agents, the company develops artificial intelligence models for voice and audio, as well as tools for generating and editing content in more than 70 languages. The company claims that its technologies are used by teams at two-thirds of the companies that make up the Fortune 500.