NEW YORK, February 4, 2026, 10:15 (EST)
- ElevenLabs raised $500 million in new funding that values the voice AI firm at $11 billion
- Sequoia Capital led the round; the valuation more than triples the level cited a year ago
- The startup says it closed 2025 with more than $330 million in annual recurring revenue
Voice-cloning AI startup ElevenLabs has secured an $11 billion valuation after raising $500 million in its latest funding round, the Wall Street Journal reported on Wednesday. The Series D funding was led by Sequoia Capital, the Journal said.
Reuters
The raise lands as investors push money toward AI products that can show sales, not just slick demos. ElevenLabs has been selling tools that let companies generate and run natural-sounding speech, a market that has moved fast as firms try to automate customer calls and support.
The company said it closed 2025 with more than $330 million in annual recurring revenue, or ARR — a common subscription metric that annualizes contract revenue. It is also pitching “voice agents,” software that can hold a back-and-forth conversation and complete routine tasks without a human on the line.
Sequoia will take a board seat through partner Andrew Reed, and several well-known backers added money, The Recursive reported. It said Andreessen Horowitz increased its stake and ICONIQ Capital also participated, alongside new investors Lightspeed Venture Partners, Evantic Capital and BOND, with more strategic partnerships expected later in February.
Therecursive
ElevenLabs said the financing brings total funding to $781 million since it was founded in 2022. Co-founder Piotr Dabkowski called the early focus simple: “We started by building a voice that could sound human.” Reed said, “It’s an honor to join their board.”
Elevenlabs
The company is putting the money into its enterprise “ElevenAgents” platform, which it says is used by customers including Deutsche Telekom, Square, the Ukrainian government and Revolut. ElevenLabs also markets tools for creators and developers, and says brands and platforms including Duolingo, Nvidia, TIME, Meta, Epic Games, Salesforce, MasterClass and Harvey use its products.
The round follows a $180 million Series C in January 2025 that valued ElevenLabs at $3.3 billion, according to a company blog post at the time. The company said it launched its platform in January 2023 and expanded from text-to-speech into products like dubbing and conversational AI.
Elevenlabs
In September 2025, ElevenLabs said it ran a $100 million employee tender offer valuing the business at $6.6 billion, a move that gave staff a chance to sell some shares. In that post, CEO Mati Staniszewski wrote: “Voice is the future interface.”
Elevenlabs
Staniszewski told the Journal the company generated $330 million in annual recurring revenue last year and aims to double it this year, the paper reported. Sequoia led the Series D, with Andreessen Horowitz and ICONIQ among participants, the Journal said.
Wsj
But voice cloning remains a touchy business, and growth will hinge on how well firms like ElevenLabs can prevent misuse and satisfy regulators and rights holders. The technology has been used to impersonate public figures and spread misinformation, and the company has had to tighten safeguards and limit unauthorized cloning, AP reported previously.
Apnews
ElevenLabs said it is also upgrading its agents to improve response times and “turn-taking” — the timing that keeps a conversation from talking over itself — and plans to expand research in emotional conversational models, dubbing and other audio systems as it builds toward an eventual IPO.
