ElevenLabs Raises $500M At $11B Valuation To Expand Conversational AI

The round was led by Sequoia Capital, with partner Andrew Reed joining the board. Existing investors Andreessen Horowitz and ICONIQ significantly increased their stakes through super pro-rata participation.

New investors Lightspeed Venture Partners Evantic Capital and BOND joined the round while existing backers BroadLight NFDG and Valor Capital maintained their support. Additional investor details are expected later in February. With this raise ElevenLabs’ total funding reaches $781 million across five rounds since its 2022 founding.

The funding comes after a strong 2025, with the company closing the year at over $330 million in annual recurring revenue (ARR), fueled by rapid enterprise adoption of its conversational AI and voice platforms.

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Founded in 2022 ElevenLabs began by developing human-like AI text-to-speech technology and has since expanded across the full audio AI stack, including speech-to-text, sound effects, dubbing, music, and conversational models. These solutions are offered through integrated, enterprise-grade platforms for businesses, creators, and developers.

A core offering is Eleven Agents, the company’s enterprise platform for voice and conversational AI. It enables organizations to deploy interactive voice and chat agents for customer experience, sales, marketing, and internal workflows, providing reliability, integrations, testing and monitoring for large-scale operations.

Clients include Deutsche Telekom, Square, the Ukrainian Government, and Revolut, using the platform for customer support, conversational commerce, citizen engagement, internal training, and inbound sales. ElevenLabs recently upgraded its voice agents with a new turn-taking system and the V3 conversational model, improving response times and expressiveness.

For creators, Eleven Creative allows brands and creators to generate, edit, and localize high-fidelity audio in over 70 languages. Companies such as Duolingo, NVIDIA, and TIME use it for voiceovers, music, and content localization. Additionally, Eleven API provides low-latency voice infrastructure for developers building interactive experiences, powering platforms for Meta, Epic Games, Salesforce, MasterClass, and Harvey, reaching 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.”

The new funding will support accelerated product development and research, focusing on emotional conversational models, dubbing and audio general intelligence while expanding ElevenLabs’ global presence. The company is growing internationally with teams in London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris and Mexico City to drive enterprise adoption worldwide.

ElevenLabs envisions the next phase of computing as technology adapting to how people naturally communicate, reversing decades of humans adjusting to machines through clicks, buttons, and menus.

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.”

About ElevenLabs

ElevenLabs is transforming how people interact with technology using AI. Its tools turn text into natural-sounding speech, power conversational AI, and help creators and businesses make realistic audio, improving communication, customer experiences and content creation around the world.