AI audio startup ElevenLabs has successfully raised $500 million in a Series D funding round, achieving a valuation of $11 billion�more than three times its worth from the previous year. The funding round was led by Sequoia Capital, which has also appointed partner Andrew Reed to the ElevenLabs board. Notable existing investors Andreessen Horowitz and ICONIQ have increased their stakes, while new participants include Lightspeed Venture Partners, Evantic Capital, and BOND.
This funding follows the launch of Eleven Music, a platform designed to compete with existing music generation services such as Suno and Udio. ElevenLabs has begun forming licensing agreements with key rightsholders, including Merlin and a significant partnership with publisher Kobalt, marking a strategic move in its expansion into the AI music generation sector.
Since its founding in 2022, ElevenLabs has raised a total of $781 million over five funding rounds. The latest investment builds upon a $180 million Series C round raised in January 2025 at a valuation of $3.3 billion. The company has evolved from its initial focus on AI text-to-speech technology to include a comprehensive suite of audio solutions, encompassing speech-to-text, sound effects, dubbing, and conversational AI.
ElevenLabs plans to utilize the new funding to enhance its research and product development initiatives, while also pursuing international market expansion. The company operates across various global locations, including London, New York, San Francisco, and Tokyo, among others. Its product offerings, such as ElevenAgents and ElevenCreative, are already in use by notable organizations and enterprises, further solidifying its position in the AI ecosystem.