ElevenLabs raises $500 million from Sequoia at $11 billion valuation

Voice AI company ElevenLabs said today it has raised $500 million in a new funding round led by…
Sequoia Capital, which was an investor in it The startup’s final secondary round is through a tender. Sequoia partner Andrew Reed joins the company’s board of directors.

The startup is now worth $11 billion, more than three times its market value Her final tour is in January 2025. Earlier in the year, Financial Times It stated that the startup was looking to raise that valuation.

The company said that existing investor a16z quadrupled his investment amount, and ICONIQ, which led the last round, tripled it. Some previous investors, such as BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital, also joined the round. New investors in the funding include Lightspeed Venture Partners and Evantic
Capital, bonds.

ElevenLabs said it will unveil some investors later in February, who may be strategic partners. The company has raised more than $781 million to date. It said it will use the funding for research and product development, along with expansion into international markets such as India, Japan, Singapore, Brazil and Mexico.

The company’s co-founder, Matej Staniszewski, noted that ElevenLabs may be working on agents that go beyond audio and incorporate video. Last January, the company announced Partnered with LTX to produce audio-to-video content.

“The intersection of models and products is critical – and our team has proven, time and time again, how to translate research into real-world experiences,” he said in a statement. “This funding helps us go beyond voice alone to completely transform how we interact with technology. We plan to expand our creative offerings – to help creators combine best-in-class audio with video and agents – enabling companies to build agents who can speak, write and take action.”

The company saw good growth momentum as it ended the year at $330 million. In an interview with Bloomberg Earlier this year, Staniszewski said it took ElevenLabs five months to get from $200 million to $300 million in ARR.

Voice AI model providers are an attractive target for investors and big tech companies. In January, it raised rival Deepgram $130 million from AVP at a $1.3 billion valuation. Meanwhile, Google hired Top talent from audio modeling company Hume AIincluding CEO Alan Quinn.