ElevenLabs, a leading Voice AI company, announced today the successful completion of a funding round, raising $500 million led by Sequoia Capital, a recurrent investor from the startup’s previous secondary round through a tender offer. Sequoia partner Andrew Reed will be joining the company’s board.
With this funding, ElevenLabs now boasts a valuation of $11 billion, over three times its worth during its previous funding round in January 2025. Earlier in the year, the Financial Times reported that the startup aimed to secure investment at this valuation.
The company stated that existing investor a16z has significantly increased its stake, quadrupling its investment, while Iconiq, which led the last round, tripled its contribution. Other returning investors, such as BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital, also participated. New investors in this round include Lightspeed Venture Partners, Evantic Capital, and Bond.
ElevenLabs indicated that it plans to announce additional investors later in February, which may include strategic partners. To date, the company has successfully raised over $781 million. The new capital will be allocated to research and product development, as well as expansion into international markets such as India, Japan, Singapore, Brazil, and Mexico.
Co-founder Mati Staniszewski noted that ElevenLabs is considering developing agents that extend beyond voice technology, incorporating video capabilities. In January, the company revealed a partnership with LTX to create audio-to-video content.
“The convergence of models and products is vital – our team has consistently demonstrated the ability to translate research into tangible experiences. This funding will enable us to transcend voice capabilities alone, revolutionizing our interaction with technology as a whole. We aim to enhance our Creative offerings – assisting creators in blending our exceptional audio with video and Agents – empowering businesses to build agents that can converse, type, and take action,” he stated.
The company has demonstrated strong growth, concluding the year with an annual recurring revenue (ARR) of $330 million. In an interview with Bloomberg earlier this year, Staniszewski mentioned that ElevenLabs took just five months to increase its ARR from $200 million to $300 million.
Voice AI model providers are increasingly appealing to investors and large technology firms. Earlier this year, competitor Deepgram raised $130 million from AVP, achieving a valuation of $1.3 billion. Concurrently, Google has recruited top talent from voice model firm Hume AI, including its CEO, Alan Cowen.
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