Voice Cloning Firm ElevenLabs Secures $500 Million Series D, Reaching $11 Billion Valuation

Voice synthesis developer ElevenLabs announced the successful conclusion of a $500 million Series D funding round on Wednesday, February 4, 2026, elevating the company's valuation to $11 billion. The investment round was led by Sequoia Capital, significantly increasing the firm's previous valuation of $3.3 billion, which was established during its Series C financing in January 2025. This capital infusion validates the market position of the technology developed by the company, which was co-founded in 2022 by Mati Staniszewski and Piotr Dabkowski, a former Google machine learning engineer.

The financing saw substantial contributions from existing investors Andreessen Horowitz and Iconiq Capital, with Andreessen Horowitz reportedly quadrupling its stake and Iconiq Capital tripling its commitment. New participants in the round included Lightspeed Venture Partners, Evantic Capital, and BOND, bringing the total capital raised by ElevenLabs since its inception to $781 million. CEO Mati Staniszewski confirmed that the new funds will be directed toward advancing core technology, specifically the ElevenAgents platform for enterprise conversational agents, accelerating international market penetration, and increasing research into emotional conversational models and audio general intelligence.

ElevenLabs reported a strong commercial performance leading into the financing, achieving an Annual Recurring Revenue (ARR) of $330 million for the 2025 calendar year, with a stated objective to double that revenue in 2026. The revenue composition, which stood at an approximate 50-50 split between enterprise and consumer users in December 2025, is projected to shift toward a 70-30 enterprise majority by the close of 2027. Key enterprise clients utilizing the platform for functions such as customer support automation and citizen engagement include Deutsche Telekom AG, Deliveroo Plc, Revolut, Square, and the Ukrainian government.

In response to ethical concerns surrounding unauthorized voice cloning, including the January 2024 deepfake incident involving former US President Joe Biden, ElevenLabs has focused on formalizing licensing structures. The company recently introduced the Iconic Voice Marketplace, a platform intended to facilitate consent-based licensing for celebrity voices, featuring figures such as Michael Caine and Liza Minnelli, alongside archival voices like Judy Garland and Mark Twain. This mechanism positions the company as an intermediary to ensure auditable use and fair compensation, representing a proactive approach to managing the realism of its technology.

The company, which currently employs approximately 400 staff, is also broadening its technological scope beyond text-to-speech, speech-to-text, and dubbing to include AI music generation, evidenced by the January 2026 release of “The Eleven Album.” The expansion strategy involves establishing new international offices across the Americas, Asia Pacific, and Europe, supplementing existing locations in London, Warsaw, and New York, where $33 million was recently allocated for research and development at the start of 2026. This growth trajectory, supported by significant financial backing, suggests a strategic positioning for a future public market offering.