ElevenLabs has reached a $22 billion valuation after completing a $300 million employee tender offer. The deal doubles the company's value from just eight months ago.

The AI voice startup closed the tender on September 30. It was co-led by Wellington Management and T. Rowe Price, with Goldman Sachs, EQT, Singapore's GIC and Andreessen Horowitz among the participants.

A tender offer is a secondary share sale. Employees sell their shares to investors, which sets a new valuation without the company raising fresh capital.

ElevenLabs was valued at $11 billion in February after a $500 million Series D round. Founded in 2022, the London-based company builds AI voice tools that convert text to speech.

The company's conversational voice agents are seeing rapid enterprise adoption. Its agents now handle more than 15 million live conversations every week, three times the level in February.

Enterprise customers now generate 55 percent of revenue. Clients include major banks, insurers, telecom firms and the governments of Ukraine and Greece.

"We are seeing rapid adoption of expressive voice agents by enterprises and governments," co-founder and CEO Mati Staniszewski said. The models speak, listen and translate in more than 90 languages.