Nvidia-backed AI voice startup ElevenLabs hits $11 billion valuation in fresh fundraise, as it eyes IPO

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AI startup ElevenLabs announced on Wednesday it had raised $500 million at an $11 billion valuation, as it eyes a potential IPO.

Sequoia Capital led the round, with participation from existing backers Andreessen Horowitz and Iconiq, as well as new investors Lightspeed Venture Partners, Evantic Capital, and Bond.

The raise more than triples the $3.3 billion valuation ElevenLabs hit after a $180 million Series C in January 2025. Cofounder Mati Staniszewski said Nvidia had invested in the company in September.

Founded in 2022, the London-based company initially developed AI text-to-speech models, before expanding into areas such as speech-to-text, sound effects, dubbing, music and conversation.