Mati Staniszewski, co-founder and CEO, ElevenLabs, said it was building towards an IPO.
Hyped AI-audio generator ElevenLabs has raised $500m in a Series D funding round, valuing it at $11bn, with its CEO saying it is building towards an IPO.
The $11bn valuation marks more than a tripling of its valuation from its January 2025 Series C, when it raised $180m at a $3.3bn valuation.
It also marks a big jump from its $6.6bn valuation following its secondary share sale deal announced in September last year.
ElevenLabs has now raised $781m across five rounds. Sequoia led the Series D with other investors in the round being existing investors Andreessen Horowitz and ICONIQ and new investors Lightspeed, Evantic and Bond.
ElevenLabs said it would be disclosing more investment support later this month. Nvidia is also an investor in ElevenLabs.
ElevenLabs leverages AI to convert text into speech, which sounds like it’s being read by human voices.
The UK based startup founded by two Polish entrepreneurs says its AI tools are capable of replicating voices with high accuracy.
For example, the tech allows users to hear the voices of late Hollywood icons like Judy Garland and James Dean narrating books, articles, and other digital content.
Recently, it has struck voice deals with celebrities like Michael Caine and Matthew McConaughey.
On the new funding, the AI startup said it was “doubling down” on ElevenAgents, its enterprise platform for voice and conversational AI, to support customer experience, sales and marketing, and internal workflows with interactive voice agents.
It also said the funding would help bolster ElevenLabs’ foundation, its research, by expanding work on emotional conversational models, dubbing, and audio general intelligence.
The funds will also be used for international expansion across markets such as London, New York, San Francisco, Warsaw and Dublin.
The startup said it closed 2025 with over $330 million in ARR, driven by “rapid” enterprise adoption by companies like Deutsche Telekom, Square, the Ukrainian Government, and Revolut for customer support, conversational commerce, citizen engagement, internal training, and inbound sales.
Mati Staniszewski, co-founder of ElevenLabs said: “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.”