ElevenLabs is in early talks for an employee tender offer that would value the voice AI startup at approximately $22 billion, roughly double the $11 billion valuation it achieved in February 2026 after closing a $500 million Series D led by Sequoia Capital. The company, which closed 2025 with around $330 million in ARR, has repriced itself upward three times in under two years. A tender offer allows employees to sell shares to outside investors without a full public listing, serving as both a liquidity mechanism and a talent retention tool. The deal is expected by September, with ElevenLabs targeting an IPO within two to three years.
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Coval, a San Francisco startup founded by a former Waymo engineer, has raised $28M in a Series A led by Norwest to test AI voice agents before they reach real customers. The company runs tens of millions of simulated calls to catch failures caused by accents, background noise, and off-script interactions. Customers reportedly cut manual QA work by up to 30x and deploy agents 10x faster. Over 60 organizations use the platform, including Zoom and Deepgram. Twilio Ventures also backed the round, signaling industry interest in independent evaluation tools. Coval competes with Hamming and Roark but claims to offer a full stack from pre-launch simulation to live monitoring.