AI audio company ElevenLabs has completed a $300 million employee tender offer that values the firm at $22 billion, doubling its previous valuation. The figure puts ElevenLabs roughly four times ahead of AI music generation rival Suno in market value.
The tender offer structure allows current and former employees to cash out shares without the company raising new primary capital. The jump underscores investor appetite for AI voice and audio technology as the sector continues to attract capital at a rapid pace.
Read the full story at Music Business Worldwide.