AI startup ElevenLabs raises $500 million, hits $11B valuation
ElevenLabs, a fast-growing AI company, just landed $500 million in fresh funding led by Sequoia Capital, bumping its value up to $11 billion.
Since starting out in 2022, the company has raised a total of $781 million.
New investors join the funding round
Both new and returning investors joined this round. Andreessen Horowitz quadrupled its stake, ICONIQ tripled theirs, and newcomers like Lightspeed Venture Partners and BOND hopped on board.
More investor names are expected soon.
Plans for growth and research in AI
With over $330 million in annual recurring revenue from big clients like Deutsche Telekom and Square, ElevenLabs plans to use the new funds to grow its audio-video agent tools and boost research in text-to-speech and conversational AI.
Their teams work across 14 cities worldwide—including Bengaluru and Sao Paulo—pushing the boundaries of what AI voices can do.