ElevenLabs, the AI voice and conversational agent developer, has reached a $22bn valuation after completing a $300m employee tender offer, as banks, insurers and other financial services firms increasingly deploy its technology across customer service and operational functions.
The latest transaction doubles the company’s valuation from its Series D in February. Wellington and T. Rowe Price led the tender offer, with BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures participating as new investors. Existing shareholders including Alkeon, Andreessen Horowitz, D.E. Shaw, DISRUPTIVE, Evantic, ICONIQ and Lightspeed also participated.
Financial services has emerged as an important market for ElevenLabs as enterprises look to use conversational AI beyond basic chatbots. The company said its technology is now used by half of the world’s 10 largest insurers, while financial services customers include Stripe and Customers Bank. Admiral has also deployed ElevenAgents, the company’s conversational AI platform.
Enterprise customers now account for 55% of ElevenLabs’ revenue. Since February, the company’s agents have been deployed by businesses including Stripe, Customers Bank, Admiral and other large enterprises across sales, customer support and operational functions.
The use cases demonstrate how conversational AI is moving into customer-facing financial workflows. ElevenAgents can handle tasks including processing refunds, renewing insurance cover and responding to customer enquiries, with the company also developing sector-specific offerings for financial services.
Weekly conversations handled by ElevenAgents have more than tripled since February to over 15 million. Annual recurring revenue from the platform has also more than tripled over the same period, according to ElevenLabs.
The company said internal analysis of customer deployments found that voice agents resolve issues 31% faster on average than chat-based alternatives. The number of businesses using ElevenLabs to coordinate support across WhatsApp, phone and email has also doubled since February.
For financial institutions, the technology could allow more routine customer interactions to be handled through automated voice and conversational systems, while connecting those interactions with existing operational workflows. ElevenLabs is positioning its technology across financial services alongside healthcare, government, retail and telecommunications.
The company develops AI models capable of speaking, listening and translating in more than 90 languages, as well as the application layer used by businesses to deploy those models. Its teams work with customers to adapt AI agents to individual markets, languages and brands.
ElevenLabs has also expanded its underlying technology with the release of Eleven v4 and v4 Turbo, its latest text-to-speech models, alongside Scribe v2 Medical, a transcription product for healthcare.
The company was founded in 2022 and now employs more than 800 people. It plans to provide employees with recurring opportunities to sell shares through future liquidity programmes.
ElevenLabs co-founder and CEO Mati Staniszewski said, “AI should interact with people the way we interact with each other. Getting this right will help ensure AI diffuses widely across the economy, and everyone is able to shape and benefit from it, regardless of technical skill. We’re already seeing rapid adoption of expressive voice agents by enterprises and governments, who are deploying them in service of consumers and citizens. 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.”
T. Rowe Price’s Emma Norchet added, “As ElevenLabs has grown its conversational agent business, the combination of research, product, and deployment has proved an important structural advantage. The team is able to make improvements at every layer of the stack, allowing them to execute at high velocity and deliver immediate value for its enterprise clients. The rapid growth of ElevenAgents is a testament to this.”
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