AI startup ElevenLabs announced connected Wednesday it had raised $500 cardinal astatine an $11 cardinal valuation, arsenic it eyes a imaginable IPO.
Sequoia Capital led the round, with information from existing backers Andreessen Horowitz and Iconiq, arsenic good arsenic caller investors Lightspeed Venture Partners, Evantic Capital, and Bond.
The rise much than triples the $3.3 cardinal valuation ElevenLabs deed aft a $180 cardinal Series C successful January 2025. Cofounder Mati Staniszewski said Nvidia had invested successful the institution successful September.
Founded successful 2022, the London-based institution initially developed AI text-to-speech models, earlier expanding into areas specified arsenic speech-to-text, dependable effects, dubbing, euphony and conversation.
It sells products enabling enterprises to deploy dependable and chat agents, arsenic good arsenic a level for brands and creators to make and localise audio, utilized by the likes of steadfast Time and spot elephantine Nvidia.
Tech giants similar Meta and Salesforce usage its dependable infrastructure to make products and experiences, ElevenLabs said.
The institution closed 2025 with implicit $330 cardinal successful yearly recurring revenue, it said, driven by endeavor adoption by companies including Deutsche Telekom and Revolut.
"This backing helps america spell beyond dependable unsocial to alteration however we interact with exertion altogether," said cofounder Mati Staniszewski successful a statement, adding that the institution was gathering towards an IPO.
He added that the institution intended to grow its offering to creators, "enabling businesses to physique agents that tin talk, type, and instrumentality action."
ElevenLabs said it would proceed planetary expansion. It has offices crossed Europe, arsenic good arsenic successful Brazil, Mexico, India, South Korea, Japan and the U.S.
AI startup backing is astatine grounds levels
Funding for AI startups deed grounds levels successful 2025, arsenic investors stake large connected the tech's transformational impact.
European AI startups raised a grounds $21.6 cardinal successful 2025, according to deal-counting level Dealroom.
Two of the biggest rounds were for French AI exemplary builder Mistral, which raised 1.7 cardinal euros and UK AI infrastructure institution Nscale, which raised $1.1 billion.
German defence tech Helsing besides picked up 600 cardinal euros successful 2025, and UK AI avatar startup Synthesia raised $200 million successful January.
U.S. AI startups raised $164.6 cardinal successful 2025, per Dealroom, driven by astir $70 cardinal backing for OpenAI, Anthropic and xAI.
In January, CNBC reported that Amazon could put up to $50 billion successful OpenAI.
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