Nvidia-backed AI voice startup ElevenLabs hits $11 billion valuation in fresh fundraise, as it eyes IPO

Core Insights - ElevenLabs has raised $500 million at an $11 billion valuation, significantly increasing from its previous valuation of $3.3 billion after a $180 million Series C round in January 2025 [1] - The funding round was led by Sequoia Capital, with participation from existing investors like Andreessen Horowitz and Iconiq, as well as new investors including Lightspeed Venture Partners, Evantic Capital, and Bond [1] Company Overview - Founded in 2022, ElevenLabs is a London-based AI startup that initially focused on AI text-to-speech models and has since expanded into speech-to-text, sound effects, dubbing, music, and conversation [2] - The company provides products that enable enterprises to deploy voice and chat agents, along with a platform for brands and creators to generate and localize audio, with notable clients including Time and Nvidia [2] Financial Performance - ElevenLabs reported over $330 million in annual recurring revenue for 2025, driven by enterprise adoption from companies such as Deutsche Telekom and Revolut [3] - The recent funding is aimed at enhancing the company's capabilities beyond voice technology, with aspirations for an IPO [3] Future Plans - The company intends to broaden its offerings to creators, allowing businesses to develop agents that can talk, type, and take action [4] - ElevenLabs plans to continue its international expansion, with offices in Europe, Brazil, Mexico, India, South Korea, Japan, and the U.S. [4]