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, an investor in the startup’s previous secondary round. Sequoia partner Andrew Reed will join the company’s board.
This investment values the startup at eleven billion dollars. That figure is more than three times its valuation from its last round in January of 2025. Earlier this year, reports indicated the company was seeking to raise funds at that valuation.
Existing investor Andreessen Horowitz quadrupled its investment amount for this round. Iconiq, which led the last round, tripled its investment. Several other prior investors also participated. New investors included Lightspeed Venture Partners, EvanticCapital, and Bond. The company noted it will disclose additional investors later in February, which may include strategic partners. To date, ElevenLabs has raised over seven hundred eighty-one million dollars.
The company stated it will use the new capital for research and product development. It also plans to expand into international markets, including India, Japan, Singapore, Brazil, and Mexico.
Co-founder Mati Staniszewski suggested the company’s future work may extend beyond voice technology to incorporate video. This follows a partnership announced in January with LTX 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 mentioned plans to expand creative tools for combining audio with video and to develop agents capable of talking, typing, and taking action.
The company has demonstrated strong growth, ending the past year with an annual recurring revenue of three hundred thirty million dollars. The co-founder previously noted it took only five months for the company to grow its annual recurring revenue from two hundred to three hundred million dollars.
Voice AI model providers remain a attractive sector for investors and large technology firms. In January, rival company Deepgram raised one hundred thirty million dollars at a one point three billion dollar valuation. Also in January, Google hired key talent, including the CEO, from voice AI company Hume AI.