ElevenLabs has announced a $500 million funding round led by Sequoia Capital, valuing the voice AI company at $11 billion—more than three times its previous valuation in January 2025. The round marks a significant milestone for the startup, which has rapidly gained traction in the generative AI space. Sequoia partner Andrew Reed will join ElevenLabs’ board of directors. The investment follows a prior secondary round led by Sequoia, reinforcing the firm’s confidence in the company’s trajectory. Existing investor a16z quadrupled its stake, while ICONIQ Capital, which led the last round, tripled its investment. Other returning backers include BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital. New investors in this round include Lightspeed Venture Partners, EvanticCapital, and BOND. ElevenLabs said it will reveal additional investors later in February, potentially including strategic partners. To date, the company has raised over $781 million in capital. The funding will support continued research and product development, as well as international expansion into key markets such as India, Japan, Singapore, Brazil, and Mexico. Co-founder Mati Staniszewski highlighted the company’s ambition to evolve beyond voice AI, signaling plans to develop AI agents that can not only speak but also type and take action. “We’re moving beyond voice alone,” Staniszewski 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 expand our Creative offering, enabling creators to combine our best-in-class audio with video and agents. It’s about transforming how we interact with technology altogether.” The company recently announced a partnership with LTX to develop audio-to-video content, showcasing its growing capabilities in multimodal AI. ElevenLabs closed 2024 with $330 million in annual recurring revenue (ARR), demonstrating strong growth momentum. In a Bloomberg interview earlier this year, Staniszewski noted it took just five months to grow from $200 million to $300 million in ARR. The rise of voice AI is drawing significant interest from investors and tech giants. In January, rival Deepgram raised $130 million from AVP at a $1.3 billion valuation. Meanwhile, Google has been actively recruiting top talent from voice AI startups, including hiring Hume AI’s CEO Alan Cowen, underscoring the competitive landscape in this space.