Voice AI company ElevenLabs has raised $500 million in a new funding round led by Sequoia Capital, which also participated in the company’s last secondary round through a tender offer. As part of the deal, Sequoia partner Andrew Reed is joining the company’s board.
The latest financing values ElevenLabs at $11 billion, more than three times the valuation it received in its previous funding round in January 2025. Earlier reporting indicated that the company had been targeting this valuation.
Existing investor Andreessen Horowitz (a16z) increased its exposure in the company by quadrupling its investment, and Iconiq, which led the prior round, tripled its own commitment. Several previous backers returned for the new round, and a group of new investors also joined.
- Returning investors: BroadLight, NFDG, Valor Capital, AMP Coalition, Smash Capital
- New investors: Lightspeed Venture Partners, Evantic Capital, Bond
ElevenLabs said that it plans to disclose additional investors later in February, noting that some of them may be strategic partners. With the new round, the company has raised more than $781 million to date.
The company plans to use the capital for research and product development and to expand its presence in international markets including India, Japan, Singapore, Brazil, and Mexico.
Co-founder Mati Staniszewski said ElevenLabs is considering products that extend beyond voice, including work that incorporates video. In January, the company announced a partnership with LTX to produce audio-to-video content.
Staniszewski said in a statement that the company aims to connect model development and product execution by turning research into deployed experiences. He added that the new funding will support an expansion of ElevenLabs’ Creative offering, which is intended to help creators combine its audio tools with video and agents, and to enable businesses to build agents that can talk, type, and take action.
ElevenLabs ended the year with $330 million in annual recurring revenue. According to an earlier interview with Bloomberg, the company took about five months to grow from $200 million to $300 million in annual recurring revenue.
Investor and industry interest in voice AI model providers has been strong. In January, rival Deepgram raised $130 million from AVP at a $1.3 billion valuation and acquired a Y Combinator-backed AI startup. Around the same time, Google hired talent from voice model company Hume AI, including its CEO Alan Cowen.
