Voice AI company ElevenLabs announced today it has successfully raised $500 million in a fresh funding round, led by Sequoia Capital. Sequoia Capital was also an investor in the startup’s previous secondary round via a tender, and Sequoia partner Andrew Reed will now join the company’s board of directors.
The startup’s valuation has now soared to $11 billion, marking more than a three-fold increase from its valuation in its last funding round in January 2025. Earlier this year, the Financial Times had reported that the startup was seeking to raise capital at this exact valuation.
The company also stated that existing investor a16z quadrupled its investment, while Iconiq, which spearheaded the last round, tripled its contribution. Several prior investors, including BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital, also participated. New investors in this funding round included Lightspeed Venture Partners, Evantic
Capital, and Bond.
ElevenLabs indicated that additional investors, potentially strategic partners, will be disclosed later in February. To date, the company has accumulated over $781 million in funding. The new capital will be allocated towards research and product development, alongside expansion into international markets such as India, Japan, Singapore, Brazil, and Mexico.
Mati Staniszewski, co-founder of the company, suggested that ElevenLabs might broaden its focus beyond voice to encompass agents that incorporate video. In January, the company announced a collaboration with LTX to develop audio-to-video content.
“The synergy between advanced models and practical products is vital, and our team has consistently shown its ability to transform research into tangible user experiences. This new funding will enable us to move beyond voice to fundamentally change how we interact with technology. Our strategy includes enhancing our Creative offerings to help creators integrate our superior audio with video, and empowering businesses to develop agents capable of speaking, typing, and executing actions,” he stated in a press release.
The company has experienced significant growth momentum, closing the year with an Annual Recurring Revenue (ARR) of $330 million. In an interview with Bloomberg earlier this year, Staniszewski revealed that ElevenLabs achieved an ARR between $200 million and $300 million within just five months.
Providers of voice AI models continue to be an attractive target for both investors and major technology companies. For instance, in January, competitor Deepgram raised $130 million from AVP, securing a $1.3 billion valuation. Concurrently, Google reportedly recruited key talent from AI voice startup Hume AI, including its CEO Alan Cowen.