ElevenLabs, which develops AI models that generate and transcribe speech and power voice agents, announced on 4 February 2026 that it had raised $500m in a Series D round led by Sequoia Capital. The round valued the company at $11bn, more than three times its valuation a year earlier.
Andreessen Horowitz and ICONIQ, which co-led the previous round, increased their positions sharply, with what the company called significant super pro-rata participation. Lightspeed Venture Partners, Evantic Capital and BOND joined as new investors, and BroadLight, NFDG, Valor Capital, AMP Coalition and Smash Capital also invested. ElevenLabs said further investors would be named later in February. Sequoia partner Andrew Reed joined the board.
The company said the round brought its total funding to $781m across five rounds since it was founded in 2022.
“We started by building a voice that could sound human - and we did.”Piotr Dabkowski, Co-founder, ElevenLabs
What ElevenLabs does
ElevenLabs started with a text-to-speech model and has since added speech-to-text, sound effects, dubbing, music and conversational models. It sells them through three main products. ElevenAgents lets companies deploy voice and chat agents for customer service and sales; the company named Deutsche Telekom, Square, Revolut and the Ukrainian government as users. ElevenCreative is used by brands such as Duolingo, NVIDIA and TIME to generate and localise audio in more than 70 languages. ElevenAPI gives developers voice infrastructure and is used by Meta, Epic Games, Salesforce, MasterClass and Harvey.
The company said it ended 2025 with more than $330m in annual recurring revenue, driven by enterprise customers. Music Business Worldwide reported that the round came six months after ElevenLabs launched Eleven Music, which competes with Suno and Udio.
ElevenLabs was founded by chief executive Mati Staniszewski and chief technology officer Piotr Dąbkowski. Music Business Worldwide described the company as headquartered in London and New York.
What the money is for
ElevenLabs said it would put the money into research and products, including emotional conversational models, dubbing and what it calls audio general intelligence. It also plans to expand ElevenAgents and ElevenCreative, and to add video and agent features to its creative tools.
The company is building go-to-market teams in 14 cities, including London, New York, San Francisco, Warsaw, Tokyo, Seoul, Bengaluru, São Paulo, Berlin and Paris. Alongside the funding, it released an upgrade to its voice agents with faster responses.
Staniszewski said the company was building toward an initial public offering and beyond, though ElevenLabs gave no timetable.
The funding so far
ElevenLabs raised a $180m Series C in January 2025, co-led by a16z and ICONIQ Growth, at a $3.3bn valuation. That round brought its total funding at the time to $281m across four rounds. In September 2025 the company announced an employee tender offer at a $6.6bn valuation, which Music Business Worldwide reported was worth $100m; that sale of existing shares did not raise new money for the company.
Reed said ElevenLabs had become one of the most successful and influential companies in the global AI industry.
Company website: elevenlabs.io