Conversational AI startup ElevenLabs has raised $500 million in a funding round valuing the company at $11 billion, as it looks to expand its voice and conversational AI offerings and scale enterprise adoption, the company announced on February 4.
“We are using the funds to double down on ElevenAgents, which enables enterprises to deploy voice and chat agents with the reliability, integrations, testing, and monitoring required for large-scale customer operations,” the company said in a post on X.
The funding round was led by Sequoia Capital, with Andrew Reed joining ElevenLabs’ board. Andreessen Horowitz quadrupled its investment, while ICONIQ tripled down. New investors include Lightspeed Venture Partners, Evantic Capital and BOND.
The company also announced upgrades to its agents, including faster response times using its new turn-taking system and Eleven v3 Conversational.
ElevenLabs closed 2025 with more than $330 million in annual recurring revenue, driven by enterprise adoption of ElevenAgents. Customers include Deutsche Telekom, Square, the Ukrainian Government, and Revolut, according to the company.
The company said it will continue to invest in research, with a focus on empathetic conversational models, dubbing and audio general intelligence. “Our focus includes empathetic conversational models, dubbing, and audio general intelligence, and bringing those advances into products used at scale,” ElevenLabs said.
The company said it plans to expand its product and engineering teams globally, with locally embedded go-to-market teams, as it scales enterprise deployments and customer operations.
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