Voice AI company ElevenLabs said today it raised $500 million in a new funding round led by Sequoia Capital, which was an investor in the startup’s last secondary round through a tender. Sequoia partner Andrew Reed is joining the company’s board.
The startup is now valued at $11 billion, more than three times its valuation in its last round in January 2025. Earlier in the year, the Financial Times reported that the startup was looking to raise at that valuation.
The company said that existing investor a16z quadrupled its investment amount, and Iconiq, which led the last round, tripled it. Some prior investors, like BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital, also joined the round. New investors for the funding included Lightspeed Venture Partners, Evantic Capital, and Bond.
ElevenLabs said that it will disclose some investors later in February, which might be strategic partners. The company has raised over $781 million to date. It said that it will use the funding for research and product development, along with expansion in international markets like India, Japan, Singapore, Brazil, and Mexico.
The company’s co-founder, Mati Staniszewski, indicated that ElevenLabs might work on agents beyond voice and incorporate video. In January, the company announced a partnership with LTX to produce audio-to-video content.
“The intersection of models and products is critical – and our team has proven, time and again, how to translate research into real-world experiences. This funding helps us go beyond voice alone to transform how we interact with technology altogether. We plan to expand our Creative offering – helping creators combine our best-in-class audio with video and Agents – enabling businesses to build agents that can talk, type, and take action,” he said in a statement.
The company has seen good growth momentum as it closed the year at $330 million ARR. In an interview with Bloomberg earlier this year, Staniszewski said that it took ElevenLabs five months to reach $200 million to $300 million in ARR.
Voice AI model providers are an attractive target for investors and big tech companies. In January, rival Deepgram raised $130 million from AVP at a $1.3 billion valuation. Meanwhile, Google hired top talent from voice model company Hume AI, including CEO Alan Cowen.