Voice AI company ElevenLabs has closed a $500 million funding round led by Sequoia Capital, marking one of the largest recent investments in the voice and generative AI space. Sequoia, which previously participated in the company’s secondary tender round, will now take a more active role, with partner Andrew Reed joining ElevenLabs’ board of directors.
The new financing places ElevenLabs at an $11 billion valuation, representing more than a threefold increase compared to its previous funding round completed in January 2025. Earlier this year, reporting by the Financial Times indicated that the company was seeking to raise capital at this valuation, a target it has now met.
The round saw strong participation from existing investors. Andreessen Horowitz significantly increased its exposure by quadrupling its prior investment, while Iconiq, which led the previous round, tripled its commitment. Other returning investors included BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital. The funding also brought in new backers, including Lightspeed Venture Partners, Evantic Capital, and Bond.
ElevenLabs said it plans to reveal additional participants later in February, noting that some of those investors may be strategic partners. With this latest raise, the company’s total funding now exceeds $781 million.
The company intends to use the new capital to accelerate research and product development efforts while expanding its footprint across international markets. Planned areas of geographic growth include India, Japan, Singapore, Brazil, and Mexico, reflecting a broader push to scale its technology and offerings globally.
Looking ahead, ElevenLabs is also exploring opportunities beyond voice-based AI. Co-founder Mati Staniszewski has indicated that the company is considering products that integrate video capabilities alongside its core audio technology. In January, ElevenLabs announced a partnership with LTX aimed at producing 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’s growth trajectory has been notable. ElevenLabs closed the year with $330 million in annual recurring revenue. In an earlier interview with Bloomberg, Staniszewski said the company took approximately five months to scale from $200 million to $300 million in ARR, underscoring the pace at which demand for voice AI solutions has accelerated.
Investor interest in voice AI model providers has intensified across the sector. In January, competitor Deepgram raised $130 million from AVP at a $1.3 billion valuation and completed the acquisition of a Y Combinator-backed AI startup. During the same period, Google recruited senior talent from voice AI company Hume AI, including its chief executive Alan Cowen, further highlighting competition for expertise in this rapidly evolving space.
