ElevenLabs, the AI voice and conversational agent developer, has reached a $22bn valuation after completing a $300m employee tender offer, as insurers increasingly deploy its technology across customer service and operational workflows.
The latest transaction, led by Wellington and T. Rowe Price, doubles the valuation ElevenLabs achieved during its Series D in February. BDT & MSD, EQT, GIC, Goldman Sachs, OTPP and Sapphire Ventures participated as new investors, while Alkeon, Andreessen Horowitz, D.E. Shaw, DISRUPTIVE, Evantic, ICONIQ and Lightspeed returned as existing backers.
Insurance is emerging as an important market for ElevenLabs’ conversational AI technology. The company said five of the world’s 10 largest insurers now use its systems, while UK insurer Admiral is among the organisations to have deployed ElevenAgents since February.
ElevenAgents is designed to handle customer and employee interactions through voice and other conversational channels. Within insurance, the technology can be used for tasks including policy renewals, alongside broader applications such as processing refunds, handling exchanges and booking appointments.
The adoption comes as ElevenLabs’ enterprise business expands. Enterprise customers now account for 55% of the company’s revenue, while ElevenAgents handles more than 15 million conversations each week, three times the level recorded in February.
Annual recurring revenue from ElevenAgents has also grown more than threefold over the same period. The company said businesses are increasingly using the platform to coordinate customer support across channels including WhatsApp, phone and email, with the number of companies doing so doubling since February.
For insurers, the potential application extends beyond replacing text-based customer interactions. ElevenLabs said its internal analysis of customer deployments found that voice agents resolve issues 31% faster than chat-based alternatives on average. The company also said customers tend to provide more detail when discussing problems through voice agents, although it did not disclose specific figures supporting that finding.
Adoption of conversational AI is also spreading across other regulated industries. ElevenLabs has developed sector-specific agent offerings for financial services, healthcare, government, retail and telecommunications, with deployment teams adapting models and integrations to individual customer requirements.
The company develops AI models capable of speaking, listening and translating in more than 90 languages, alongside the software layer used by businesses to deploy those models. Its recent product releases include Eleven v4 and v4 Turbo, its latest text-to-speech models, and Scribe v2 Medical, a transcription tool designed for healthcare.
ElevenLabs first raised capital in 2022 at a $9m valuation and now employs more than 800 people. The company plans to offer employees 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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