Britain's prominent AI audio generation company ElevenLabs announced today that its valuation has doubled to $22 billion in under a year, while simultaneously completing a $300 million employee tender offer.

ElevenLabs CEO Mati Staniszewski announced the completion of the tender offer on X, along with the release of ElevenLabs' progress report. The company is known for using AI to convert text into speech that sounds like a real person reading aloud.

Existing investors and employees sold £300 million worth of shares in this tender, which was led by Wellington and T Rowe Price.

The $22 billion valuation represents a doubling from February, when the company raised $500 million in a primary Series D funding round at a valuation of $11 billion.

ElevenLabs has previously conducted multiple employee tender offers aimed at providing liquidity for employees.

The company stated that as part of this tender, EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD invested in ElevenLabs for the first time, participating alongside existing investors Andreessen Horowitz, Lightspeed, Iconiq, D.E. Shaw, Evantic, Disruptive, and Alkeon.

Staniszewski highlighted two new text-to-speech models released by ElevenLabs, as well as its AI platform.

Staniszewski said: "AI should interact with people the way we interact with each other. Doing this will help ensure AI is widely adopted across the economy, allowing everyone to shape and benefit from it, regardless of technical skill."

"We have already seen enterprises and governments rapidly adopt expressive voice agents, deploying them to serve consumers and citizens. As we grow, it is important to us that our employees share in some of the value they create for customers and the broader world."