AI voice technology company ElevenLabs has raised $500 million in a Series D funding round, valuing the company at $11 billion, the company announced. The round was led by Sequoia Capital, with existing investors Andreessen Horowitz (a16z) and ICONIQ Capital increasing their participation.

Announcing the development, ElevenLabs co-founder Mati Staniszewski said the funding reflects growing trust from customers and partners building products on the company’s platform. He added that the fresh capital will help the company accelerate product development and expand its enterprise offerings.

ElevenLabs plans to deepen investment in ElevenAgents, its conversational AI agents platform designed to help enterprises improve customer experience, support revenue teams, and streamline internal operations. The company said the platform closed 2025 with over $330 million in annual recurring revenue (ARR).

The firm currently works with a range of global enterprises and public-sector clients, including Deutsche Telekom, Square, Deliveroo, Revolut, and the Ukrainian government.

As part of the funding, Andrew Reed from Sequoia Capital will join ElevenLabs’ board. The company said new investors, including Lightspeed, Evantic Capital and BOND, have also participated in the round, alongside continued backing from existing shareholders.

In the near term, ElevenLabs is rolling out a new conversational model for its agents platform. The updated system is expected to be faster, better at understanding and expressing emotion, and supported by improved orchestration and turn-taking capabilities. An early alpha version has been made available to users.

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The company said the funding will support its focus on scaling globally while continuing to build advanced voice and conversational AI technologies for enterprise use.

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