Global voice AI company ElevenLabs said on Oct. 12 it has been valued at $22 billion after completing a $300 million tender offer for employee holdings.

That is about double the valuation it received in its Series D funding round in February. The transaction was led by Wellington and T. Rowe Price, with new investors including Goldman Sachs and GIC and existing investors taking part.

ElevenLabs said its enterprise business is accounting for a growing share as demand rises for conversational AI agents for corporate use. Revenue from corporate customers currently makes up 55 percent of total revenue.

The company said 5 of the world’s 10 largest technology companies, 5 insurers and 4 telecom companies are using ElevenLabs technology.

ElevenLabs recently launched its text-to-speech models, Eleven v4 and Eleven v4 Turbo. It is also expanding its conversational AI agent business, which can be linked with internal corporate systems for customer response and operational support.

Mati Staniszewski (마티 스타니셰프스키), ElevenLabs co-founder and chief executive officer, said, “Adoption of voice AI agents is spreading rapidly, centered on companies and governments.” He added, “We will continue to advance the technology so anyone can interact with AI naturally.”