Voice AI firm ElevenLabs has secured $500 million in a new funding round led by Sequoia Capital, which previously participated in the startup's last secondary tender. Sequoia partner Andrew Reed will join the company's board as part of the deal.

The investment values the startup at $11 billion, a figure that more than triples its valuation from its previous round in January 2025. Earlier this year, reports indicated the company was seeking to raise capital at this valuation level.

Existing investor Andreessen Horowitz (a16z) quadrupled its investment in this round, while ICONIQ Capital, which led the last funding round, tripled its commitment. Several prior investors also participated, including BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital. New investors joining the round include Lightspeed Venture Partners, EvanticCapital, and BOND.

ElevenLabs noted it will announce additional investors later in February, which may include strategic partners. To date, the company has raised over $781 million in total funding.

The new capital will support research and product development initiatives, along with international expansion into markets including India, Japan, Singapore, Brazil, and Mexico. Co-founder Mati Staniszewski suggested the company may develop agents that extend beyond voice capabilities to incorporate video elements. This follows a January partnership announcement with LTX to create 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," Staniszewski stated. "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."

The company demonstrated strong growth momentum, ending the year with $330 million in annual recurring revenue (ARR). Staniszewski previously noted it took just five months for ElevenLabs to grow from $200 million to $300 million in ARR.

Voice AI model providers continue attracting significant investor and big tech interest. In January, competitor Deepgram raised $130 million from AVP at a $1.3 billion valuation. Meanwhile, Google recruited key talent from voice model company Hume AI, including CEO Alan Cowen.