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

This round values the startup at $11 billion, a figure that more than triples its valuation from January 2025. Earlier reports had indicated the company was seeking funding at this valuation level.

Existing investor a16z quadrupled its investment, while ICONIQ, which led the prior round, tripled its commitment. The round also saw participation from previous backers including BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital. New investors joining included 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.

The new capital will be directed toward research, product development, and international expansion into markets such as India, Japan, Singapore, Brazil, and Mexico.

Co-founder Mati Staniszewski suggested the company's future work may extend beyond voice to include agents and video capabilities. This follows a January partnership 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 is demonstrating strong growth, ending the year with $330 million in annual recurring revenue. Staniszewski previously noted it took just five months for ElevenLabs to grow from $200 million to $300 million in ARR.

Voice AI model providers remain highly attractive to investors and major technology firms. In a related development from January, competitor Deepgram raised $130 million at a $1.3 billion valuation. Additionally, Google recently recruited key talent from voice model company Hume AI, including CEO Alan Cowen.