The amount of the additional raise was, however, not mentioned by the company.
“The investment — the third close in our Series D fundraise — comes as our business is accelerating,”, cofounder Mati Staniszewski said in a blog post, adding that the company’s growth is driven by enterprise deployment of voice agents across businesses.
Annual recurring revenue (ARR) is the total revenue a company expects to earn from subscriptions or repeat customers over a year.
ElevenLabs raised $500 million at an $11 billion valuation in February this year led by Sequoia Capital. In January, it raised $180 million in its series C funding at a valuation of $3.3 billion.
Institutional investors, including global asset management firm BlackRock and investment management company Wellington, hedge fund D E Shaw and UK-based asset manager Schroders have participated in the series D round.
Enterprises like Nvidia, Salesforce, global banking group Santander, Dutch telecom firm KPN, and Deutsche Telekom have also participated in the funding. These companies use Eleven Labs’s products across functions, from customer support and sales to hiring and marketing operations, the company said in a blog post.
The funding will be used to advance the platform by combining multimedia creation tools for marketing and building AI agents that support communication across channels, while also expanding globally, the company said.
“We believe natural, human-like communication will be critical for the broad adoption of AI. As AI becomes more intelligent, communication will start to become the limiting factor. This is the problem we’ve been focussed on since ElevenLabs was founded,” Staniszewski said.
The fundraise follows the startup’s January round, when it raised $180 million in a series C funding at a $3.3 billion valuation.
Also Read: ElevenLabs planning India expansion with Bengaluru office soon: CEO Staniszewski
Rob Mazzoni, technology sector lead for late-stage growth at Wellington Management, said companies enabling natural, human-like interactions at scale will become essential global infrastructure.
“Every major enterprise will communicate with its customers and audiences through AI agents,” Mazzoni said.
Also Read:India is becoming ElevenLabs’ key growth engine as enterprises scale voice AI: CEO Mati Staniszewski