Feb 4 (Reuters) – AI voice generation firm ElevenLabs said on Wednesday it had secured an $11 billion valuation after raising $500 million in its latest funding round, signaling strong investor enthusiasm for the startup’s prospects.
The latest round, led by Sequoia Capital, more than triples the company’s $3.3 billion valuation from January 2025, when ElevenLabs raised $180 million.
The Series D funding drew new investors, including Lightspeed Venture Partners and Evantic Capital, along with existing backers Andreessen Horowitz and ICONIQ.
Founded by Piotr Dabkowski and CEO Mati Staniszewski in 2022, London-based ElevenLabs builds AI tools, including a platform that turns text into realistic speech.
It plans to use proceeds from the funding to fuel its international expansion and further research on emotional conversational models and dubbing.
The industry has seen a gush of investors racing to pump billions into AI firms, hoping to capitalize on the wider adoption of the disruptive technology across sectors.
“We plan to expand our Creative offering…enabling businesses to build agents that can talk, type and take action,” Staniszewski said in a statement.
The funding comes as ElevenLabs benefits from the viral popularity of the OpenClaw ecosystem, where users integrate the company’s voice models to build self-hosted personal AI agents.
ElevenLabs generated over $330 million in annual recurring revenue in 2025. Staniszewski hopes to double that figure this year, he told the Wall Street Journal, which first reported the news.
(Reporting by Utkarsh Shetti and Akash Sriram in Bengaluru; Editing by Shreya Biswas)
