ElevenLabs reaches $22 billion valuation

ElevenLabs has completed a $300 million employee tender offer valuing the AI voice and conversational agent company at $22 billion, double its valuation at its February Series D. Wellington and T. Rowe Price led the transaction.

The company says enterprise customers now account for 55% of revenue, with its technology used in daily operations at five of the world’s ten largest insurers. It did not identify all five or specify how it ranked them.

Admiral Group is among the organizations that have rolled out ElevenAgents since February. The platform connects conversational AI agents to companies’ knowledge and systems to support sales, customer service and business operations. ElevenLabs lists insurance policy renewals among the tasks its agents handle.

Across industries, ElevenAgents now handles more than 15 million conversations weekly, three times its February volume. The product’s annual recurring revenue has also more than tripled over that period.

New investors participating in the tender included BDT & MSD, EQT, GIC, Goldman Sachs, Ontario Teachers’ Pension Plan and Sapphire Ventures. ElevenLabs has more than 800 employees.