AI startup ElevenLabs announced Wednesday that it has raised $500 million at an $11 billion valuation as it eyes a possible IPO.
Sequoia Capital led the round, which was joined by previous backers Andreessen Horowitz and Iconic, as well as new investors Lightspeed Venture Partners, Evantic Capital and Bond.
After a $180 million Series C in January 2025, ElevenLabs has more than tripled to a $3.3 billion valuation. Founder Mati Staniszewski said Nvidia invested in the company in September.
Founded in 2022, the London-based company initially developed text-to-speech AI models and has expanded into speech-to-text, sound effects, dubbing, music and conversation.
It sells products that allow enterprises to deploy voice and chat agents, as well as a platform for brands and creators to create and localize audio used by Time and chip giant publishers. Nvidia.
Tech giants like it Meta and Salesforce use its voice infrastructure to develop products and experiences, ElevenLabs said.
The company closed 2025 with annual recurring revenue of more than $330 million, it said, due to acquisitions by companies such as Deutsche Telekom and Revolut.
“This funding will help us move beyond a single voice to change the way we interact with technology,” co-founder Mati Staniszewski said in a statement, adding that the company is building toward an IPO.
He said the company plans to expand its offering to creators by “enabling businesses to build agents that can talk, type and act.”
ElevenLabs said it will continue to expand internationally. It has offices throughout Europe, as well as in Brazil, Mexico, India, South Korea, Japan and the US
Funding for AI startups is at record levels
Funding for AI startups will reach a record high in 2025 as investors raise high hopes for the technology’s transformative impact.
European AI startups will raise a record $21.6 billion in 2025, according to deal counting platform Dealroom.
The two largest rounds were for French AI model builder Mistral, which raised 1.7 trillion euros and UK AI infrastructure company Nscale, which raised $1.1 billion.
German defense technology was also promoted by Helsing 600 million euros It’s 2025 and UK AI startup Synthesia has risen $200 million in January.
US AI startups have raised $164.6 billion per Dealroom in 2025, on top of nearly $70 billion in funding for OpenAI, Anthropic and xAI.
In January, CNBC reported that Amazon It can invest up to 50 billion dollars In OpenAI.