AI startup ElevenLabs announced it has completed a $5 billion funding round, reaching a valuation of $11 billion.
This funding round's valuation more than triples the company's value compared to its January 2025 financing.
In 2025, global funding for AI startups reached a record high.
AI startup ElevenLabs announced on Wednesday that it has secured a $5 billion funding round, achieving an $11 billion valuation as the company sets its sights on an initial public offering (IPO).
The round was led by Sequoia Capital, with participation from existing investors Andreessen Horowitz and Iconiq Capital. New investors include Lightspeed Venture Partners, Evantic Capital, and Bond.
Following this funding, ElevenLabs' valuation has more than tripled from the $3.3 billion it achieved after its $1.8 billion Series C round in January 2025. Co-founder Mati Staniszewski disclosed that NVIDIA completed an investment in the company in September.
Founded in 2022 and headquartered in London, ElevenLabs initially focused on developing AI text-to-speech models. It has since expanded its business into areas including speech-to-text, sound effect production, dubbing, music generation, and conversational AI.
The company's products help businesses deploy voice assistants and chatbots, while also providing an audio generation and localization platform for brands and creators. Clients include Time publishing group and chip giant NVIDIA.
ElevenLabs stated that major technology firms such as Meta and Salesforce are also utilizing its voice infrastructure to develop products and user experiences.
The company disclosed that its full-year recurring revenue for 2025 exceeded $330 million, with commercial deployments at companies like Deutsche Telekom and fintech firm Revolut being key growth drivers.
"This capital will help us move beyond just voice to fundamentally reshape how we interact with technology overall," said co-founder Mati Staniszewski in a statement, adding that the company is preparing for an IPO.
He further noted that the company plans to expand into the creator ecosystem, "helping businesses build intelligent assistants that can speak, type, and perform actions."
ElevenLabs indicated it will continue its global expansion, having already established offices across Europe, as well as in Brazil, Mexico, India, South Korea, Japan, and the United States.
Fueled by investor bets on the transformative impact of artificial intelligence technology, global funding for AI startups reached a historic record in 2025.
According to data from deal tracking platform Dealroom, funding for European AI startups reached $21.6 billion in 2025, setting a new record.
The two largest funding rounds included French AI model developer Mistral (raising €1.7 billion) and UK AI infrastructure firm Nscale (raising $1.1 billion).
German defense technology company Helsing raised €600 million in 2025, while UK AI avatar startup Synthesia completed a $200 million funding round in January.
Dealroom data shows that funding for US AI startups reached $164.6 billion in 2025, largely driven by approximately $70 billion in funding for OpenAI, Anthropic, and xAI.
In January of this year, CNBC reported that Amazon plans to invest up to $50 billion in OpenAI.
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