ElevenLabs reaches $22 billion valuation and announces major India investment

AI voice technology startup ElevenLabs has reached a $22 billion valuation following a $300 million sale of employee shares. The company, co-founded by Mati Staniszewski and Piotr Dabkowski, has seen the personal wealth of its Polish founders rise significantly, with each estimated to hold 15% of the company.

ElevenLabs is expanding its global footprint with plans to invest hundreds of millions of dollars in India. This investment aims to grow the local workforce, develop new AI models, and enhance support for Indian languages. The company currently processes approximately 100 million AI-agent conversations annually across 14 Indian languages and serves clients such as Physicswallah, Havells, and Razorpay.

As part of its expansion in India, ElevenLabs has partnered with the Karnataka government to utilize voice AI for making public services more accessible. This initiative includes voice restoration technology to assist individuals with speech impairments.