Voice AI company ElevenLabs has reached a valuation of $22 billion following a new secondary share sale, doubling its valuation in less than a year as enterprise demand for conversational AI and automated voice agents continues to expand.
The transaction was led by existing investor Sequoia Capital, with participation from Andreessen Horowitz and ICONIQ, according to the company. ElevenLabs said the deal provided liquidity to employees while bringing additional investors onto its cap table.
The $22 billion valuation marks a sharp increase from the $11 billion valuation ElevenLabs secured in January 2026, when it raised $500 million in a funding round led by Sequoia Capital. The company had previously been valued at $3.3 billion following a $180 million Series C round announced in January 2025.
Founded in 2022 by Mati Staniszewski and Piotr Dabkowski, ElevenLabs initially gained attention for its text-to-speech and AI voice-generation technology. Its portfolio has since expanded to include speech-to-text, voice cloning, music generation, dubbing and conversational AI agents.
Enterprise AI agents have emerged as an increasingly important part of the company's business. ElevenLabs' technology allows organisations to build voice agents capable of interacting with customers across use cases such as customer support, sales and other automated communication workflows.
The company said its annual recurring revenue has crossed $500 million, up from $330 million in February 2026. ElevenLabs has also been expanding its enterprise customer base and its geographic presence as businesses experiment with AI agents capable of handling increasingly complex conversations.
The latest valuation comes amid broader investor interest in companies developing infrastructure for AI agents. Voice is becoming one of the interfaces through which businesses are deploying these systems, particularly in customer-facing operations where natural conversations and multilingual capabilities can be integrated into existing workflows.
ElevenLabs has also been expanding in India. In August, the company announced plans to establish a local presence and explore applications of its voice AI technology across areas including governance, healthcare and skilling.
The company continues to develop its technology beyond synthetic speech as competition intensifies across the generative AI and enterprise automation markets. Its growing focus on conversational agents places it alongside a wider group of AI companies seeking to automate interactions traditionally handled through call centres, customer service teams and digital support channels.
The secondary transaction does not represent a conventional primary funding round for ElevenLabs. However, the new valuation reflects increased investor interest in the company as it moves from primarily generating AI voices towards building a broader platform for enterprise voice and conversational AI.
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