This London-based AI startup is now worth $22 billion
Key Points
- AI voice startup ElevenLabs has just been valued at $22 billion following the closure of an employee tender offer.
- The startup is incorporated in the United States but is headquartered in Soho, London.
- The company has seen significant growth in enteprise revenue, which now accounts for more than half of all its revenue.
- Customers using ElevenLabs voice models include Stripe, Deutsche Telekom, and the Greek and Ukrainian governments.
AI voice startup ElevenLabs has just reached a valuation of $22 billion following the closure of a $300-million employee tender offer.
As part of the tender, companies including EQT, Goldman Sachs, and GIC invested in ElevenLabs for the first time, joining existing investors such as Andreessen Horowitz, Lightspeed, and ICONIQ.
ElevenLabs is an firm building AI voice models and agents which is incorporated in the United States but headquartered in Soho, London.
First valued at $9 million in 2022, the company’s upgraded valuation of $22 billion today is double that at the company’s latest Series D funding round in February, which was led by Wellington and T. Rowe Price.
ElevenLabs recently released two industry-leading text-to-speech voice models: Eleven v4 and Eleven v4 Turbo, which it says are its most emotive and best performing models yet.
The company has also built a platform that allows organisations to deploy conversational AI agents connected to their companies that can interact with customers across a range of industries and contexts.
ElevenLabs noted that enterprise now drives more than half of its revenue, as it is seeing a growing number of companies using its AI voice agents to support their customers and employees.
The company said that its technology is now used in daily operations at five of the world’s ten largest technology companies, five of the ten largest insurers, and four of the ten largest telecoms companies.
Companies using ElevenLabs include Stripe, Deutsche Telekom, and SevenRooms, and other customers include the Greek and Ukrainian governments.
ElevenLabs said its AI voice agents now handle more than 15 million conversations every week, up threefold since February this year.
“We’re already seeing rapid adoption of expressive voice agents by enterprises and governments, who are deploying them in service of consumers and citizens,” said ElevenLabs CEO Mati Staniszewksi.
“As we grow, it’s important to us to let our people share in some of the value they are creating for our customers and the wider world.”
