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ElevenLabs, which offers generative voice AI, has secured $500 million in Series D funding at an $11 billion valuation, more than tripling its valuation in a year.
The round brings the company's total funding to $781 million.
The Series D funding was led by Sequoia, with a16z quadrupling its investment and ICONIQ tripling its funding, according to a LinkedIn post by Mati Staniszewski, cofounder of ElevenLabs.
Lightspeed, Evantic Capital and BOND joined the round as new investors, and existing investors BroadLight Capital, NFDG, Valor Capital Group, AMP Coalition, and Smash Capital also participated. The company said additional investors are expected to be disclosed later this month.
Andreessen Horowitz and ICONIQ will join the company's board of directors, along with Andrew Reed from Sequoia Capital.
WHAT IT DOES
ElevenLabs offers a voice AI platform with HIPAA-eligible configurations for enterprise customers. The company's text-to-speech offerings include an AI-enabled answering service for healthcare systems, private practitioners and clinics.
ElevenLabs, which launched in January 2023, says it delivers 24/7 patient care with HIPAA-compliant, intelligent voice agents that triage, route urgent calls and respond to patients instantly.
The agents can sync with EHR and HIS systems as well as nurse-call and messaging systems. It also updates records, logs triage outcomes and books appointments automatically.
The company will use the funds to expand its enterprise platform for voice and conversational AI, research and reach, including internationally across London, New York, San Francisco, Warsaw, Dublin, Tokyo, Seoul, Singapore, Bengaluru, Sydney, São Paulo, Berlin, Paris and Mexico City with embedded local go-to-market teams.
The funding will also help the company expand its work on emotional conversational models, dubbing and 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 in the post.
"Our work today powers a wide range of use cases across agents and the creative space. We’re continuing to build ElevenCreative for creators, brands and media companies, helping elevate storytelling to new heights. At the heart of it all is our state-of-the-art research, now spanning text-to-speech, speech-to-text, music, dubbing and conversational models – and here too, we are just getting started. Our mission continues to transform how we interact with technology."
MARKET SNAPSHOT
In January, ElevenLabs announced that actor Matthew McConaughey, who has been an investor and early supporter of the company, would use ElevenLabs tech to make content from his newsletter available in Spanish using his own voice.
Additionally, British actor Sir Michael Caine signed on to ElevenLabs to clone his voice for the company's ElevenReader app and on its Iconic Marketplace, a two-sided platform where companies can request access to talent for projects and content.
Iconic Marketplace already includes the voices of Dr. Maya Angelou, Alan Turing, Liza Minelli and Art Garfunkel.
In January 2025, ElevenLabs raised $180 million in a Series C funding round, one year after raising $80 million in a Series B round.
The company raised $19 million in Series A funding.
In 2023, the company launched its Beta platform after raising $2 million in a pre-seed funding round led by Credo Ventures, with Concept Ventures and other individual investors.
Last week, Decagon, an AI customer support and operations platform that works with various industries to offer AI agents that communicate with customers and patients, raised $250 million in Series D funding, tripling its valuation to $4.5 billion in under six months.
The San Francisco-based company offers agents to answer patient and member questions and accelerate member enrollment for health plans by guiding members through plan selection, onboarding and benefits questions.
The company says its AI agents can also assist with scheduling appointments and reminders and engage with patients regarding prescription reminders, including usage and refills.
