AI audio startup ElevenLabs has successfully raised $500 million in a Series D funding round, resulting in a valuation of $11 billion. This valuation reflects a significant increase from the previous year, more than tripling its worth.
The funding round was led by Sequoia Capital, with strategic investments from existing investors such as Andreessen Horowitz and ICONIQ, who notably increased their stakes. New investors including Lightspeed Venture Partners, Evantic Capital, and BOND also participated, alongside other contributors like BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital. Further disclosures regarding additional investors are anticipated later this month.
This capital influx follows the launch of Eleven Music, a competitor to existing platforms such as Suno and Udio, showcasing the company’s growth beyond its original voice synthesis capabilities into comprehensive AI music generation solutions. ElevenLabs has already established licensing agreements with key rightsholders, including Merlin and a notable deal with Kobalt.
Since its inception in 2022, ElevenLabs has raised a total of $781 million across five funding rounds. Previous investment rounds included a $180 million Series C in January 2025 and a $100 million tender offer aimed at providing liquidity for employees. The company plans to utilize this latest funding to further its research, product development, and international expansion efforts across multiple global markets.
