Mumbai: ElevenLabs has raised $500 million in a Series D funding round, valuing the company at $11 billion, more than tripling its valuation from a year ago. The round was led by Sequoia Capital, with Sequoia partner Andrew Reed joining the company’s board. Existing investors A16Z quadrupled down and ICONIQ tripled down, both with significant super pro-rata participation.
New investors Lightspeed Venture Partners, Evantic Capital, and BOND have joined the round, while existing backers BroadLight, NFDG, and Valor Capital continue their support. Additional investor participation is expected to be disclosed later in February. With this raise, ElevenLabs’ total funding now stands at $781 million across five rounds since its founding in 2022.
The funding follows a strong year of growth, with ElevenLabs closing 2025 with over $330 million in annual recurring revenue (ARR), driven by rapid enterprise adoption of its conversational AI and voice platforms.
Founded in 2022, ElevenLabs initially focused on developing human-like AI text-to-speech technology. Since then, the company has expanded across the full audio AI stack, including speech-to-text, sound effects, dubbing, music, and conversational models. These capabilities are delivered through integrated, enterprise-grade platforms designed for businesses, creators, and developers.
A key focus area for the company is Eleven Agents, its enterprise platform for voice and conversational AI, which enables organizations to deploy interactive voice and chat agents for customer experience, sales and marketing, and internal workflows. The platform supports reliability, integrations, testing, and monitoring required for large-scale operations and is used by organizations including Deutsche Telekom, Square, the Ukrainian Government, and Revolut for applications such as customer support, conversational commerce, citizen engagement, internal training, and inbound sales.
ElevenLabs has also announced a major upgrade to its voice agents, enabling faster response times and improved expressiveness through a new turn-taking system and its V3 conversational model.
The company’s creator-focused platform, Eleven Creative, allows brands and creators to generate, edit, and localize high-fidelity audio across more than 70 languages. Brands such as Duolingo, NVIDIA, and TIME use the platform for commercial voiceovers, music, and content localization. Meanwhile, Eleven API provides low-latency voice infrastructure for developers building interactive experiences and is used by companies including Meta, Epic Games, Salesforce, MasterClass, and Harvey, powering platforms that reach over one billion users.
Commenting on the company’s evolution, Piotr Dabkowski, Co-Founder of ElevenLabs, said, “We started by building a voice that could sound human – and we did. Today we are building foundational models across the full audio stack – text to speech, transcription, music, dubbing and conversational models with a world-leading research team. And we take the models even further by optimizing them for the best product experiences that we believe will redefine the benchmarks.”
Mati Staniszewski, Co-Founder of ElevenLabs, added, “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. When we started ElevenLabs, we couldn’t have imagined the scale and impact we’ve reached today, with an incredible team doing the best work of their lives. Yet we stay hungry, knowing how early this space still is, as we build toward IPO and beyond.”
Welcoming the partnership, Andrew Reed, Partner at Sequoia, said, “Mati and Piotr are exceptional founders and leaders. They have built ElevenLabs into one of the most successful and most impactful companies in the global AI ecosystem. From world-leading research to mind-bending creative tools to enterprise voice agents at scale, ElevenLabs is changing how people communicate and interface with technology, with organizations and institutions, and with each other. It’s an honor to join their board.”
The new funding will be used to accelerate product development and research, including work on emotional conversational models, dubbing, and audio general intelligence, while further expanding the company’s global footprint. ElevenLabs is continuing its international expansion across London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris, and Mexico City, with locally embedded go-to-market teams to support enterprise adoption worldwide.
As computing evolves, ElevenLabs believes the next phase will see technology adapt to how people naturally communicate, reversing decades of human adaptation to machines through clicks, buttons, and menus.
