ElevenLabs Raises $500M Series D Led by Sequoia at $11B Valuation

ElevenLabs, a generative voice AI company specializing in text-to-speech technologies, has closed a $500 million Series D financing round at an $11 billion valuation, more than tripling its valuation within a year. The round brings the company’s total funding to $781 million since its launch in January 2023.

The Series D was led by Sequoia, with Andreessen Horowitz quadrupling its investment and ICONIQ tripling its commitment, according to a LinkedIn post by cofounder Mati Staniszewski. New investors in the round include Lightspeed, Evantic Capital and BOND, while existing backers BroadLight Capital, NFDG, Valor Capital Group, AMP Coalition and Smash Capital also participated. Andreessen Horowitz and ICONIQ will join ElevenLabs’ board of directors, alongside Andrew Reed from Sequoia Capital.

ElevenLabs provides a voice AI platform with HIPAA-eligible configurations for enterprise customers. Its text-to-speech portfolio includes AI-enabled answering services used by healthcare systems, private practitioners and clinics. The company says its intelligent voice agents deliver 24/7 patient care by triaging calls, routing urgent cases and responding to patients in real time. These agents integrate with EHR and HIS systems, nurse-call platforms and messaging tools, while automatically updating records, logging triage outcomes and booking appointments.

The company plans to use the new capital to expand its enterprise voice and conversational AI platform, invest further in research, and grow its global footprint. Planned expansion includes embedded local go-to-market teams across cities such as London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris and Mexico City. Funding will also support continued development of emotional conversational models, dubbing capabilities and broader audio general intelligence.

“As with every new announcement, our priority is shipping. Over the coming days, we’re rolling out a new conversational model for our Agents Platform – one that’s faster and better at understanding and expressing emotion – building on the new v3 model – and our new orchestration, with an improved turn-taking system. You can try an alpha version of it today on our website,” Staniszewski said. He added, “Our work today powers a wide range of use cases across agents and the creative space… Our mission continues to transform how we interact with technology.”

Beyond healthcare and enterprise use cases, ElevenLabs has expanded into media and creative applications. Recent initiatives include collaborations with Matthew McConaughey and Sir Michael Caine, as well as the growth of its Iconic Marketplace, which features licensed voices from well-known cultural figures.

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