ElevenLabs, the AI voice startup, has doubled its valuation to $22bn through a $300m employee tender offer, according to Sifted. The new valuation comes just months after the company raised $500m at an $11bn valuation.
The tender offer gives employees the opportunity to sell shares, providing liquidity without a new equity round. It is the latest sign of rapid growth for the company, which develops AI tools for speech synthesis and voice cloning.
The valuation increase reflects the high level of investor interest in generative AI startups. The company's technology is used for voice generation and dubbing.