ElevenLabs raises $500M from Sequioia at a valuation of $11 billion

Voice AI company ElevenLabs said today it raised $500 million in a new round of funding led by
Sequoia Capital, which was an investor in second final round through tender. Sequoia partner Andrew Reed will join the firm’s board.

The startup is now valued at $11 billion, more than triple its valuation its last cycle in January 2025. At the beginning of the year, a Financial Times he said that the founder wanted to raise the price.

The company said that existing a16z quadrupled its funding, and ICONIQ, which led the last round, tripled. Other incumbents, such as BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital, also joined the round. New investors in the fund include Lightspeed Venture Partners, Evantic
Capital, BOND.

ElevenLabs said it will reveal investors later in February, who will be potential partners. The company has raised more than $781 million to date. It also said it will use the funds to support research and development, as well as expand into international markets such as India, Japan, Singapore, Brazil, and Mexico.

The co-founder of the company, Mati Staniszewski, showed that ElevenLabs can work for agents beyond voice and video integration. In January, the company announced partnership with LTX to produce audio and video.

“The integration of models and objects is very important – and our team has proven time and time again, how we can translate research into real-world situations. This investment helps us go beyond words to change the way we interact with technology together. We plan to increase our Creative offering – to help developers combine our high-quality audio and video with Agents – to help businesses create agents who can speak, write, and act.

The company has seen good growth as it closed the year at $330 million ARR. In an interview with Bloomberg earlier this year, Staniszewski said it took ElevenLabs five months to go from $200 million to $300 million in ARR.

Voice AI prototype providers are an attractive target for investors and large technology companies. In January, rival Deepgram rose $130 million from AVP at a cost of $1.3 billion. Meanwhile, Google is hiring top talent from audio production company Hume AIincluding CEO Alan Cowen.