Voice AI company ElevenLabs announced today that it has raised five hundred million dollars in a new funding round. The round was led by Sequoia Capital, which previously invested in the startup’s last secondary round. Sequoia partner Andrew Reed will join the company’s board of directors.
This investment values the startup at eleven billion dollars. This figure is more than three times its valuation from its last round in January 2025. Earlier this year, reports indicated the startup was seeking to raise funds at this elevated valuation.
Existing investor Andreessen Horowitz quadrupled its investment amount for this round. ICONIQ, which led the prior round, tripled its investment. Several other prior investors also participated, including BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital. The round also attracted new investors such as Lightspeed Venture Partners, EvanticCapital, and BOND.
ElevenLabs stated it will disclose additional investors later in February, which may include strategic partners. To date, the company has raised over seven hundred eighty-one million dollars. The new capital will be used for research and product development, as well as for expansion into international markets including India, Japan, Singapore, Brazil, and Mexico.
The company’s co-founder, Mati Staniszewski, suggested that ElevenLabs may expand its work beyond voice technology to incorporate video and develop agents. This follows a partnership announced in January to produce audio-to-video content.
In a statement, Staniszewski said the funding will help the company move beyond voice alone to transform how people interact with technology. He indicated plans to expand creative offerings for creators and to enable businesses to build agents capable of talking, typing, and taking action.
The company is experiencing strong growth momentum, having ended the past year with an annual recurring revenue of three hundred thirty million dollars. The company’s co-founder previously noted it took only five months for the company to grow from two hundred million to three hundred million in annual recurring revenue.
Voice AI model providers remain an attractive target for both investors and large technology companies. In January, rival company Deepgram raised one hundred thirty million dollars at a valuation of one point three billion dollars. Also in January, Google hired key talent, including the CEO, from another voice AI company, Hume AI.