AI Audio Company Eleven Labs Raises $500 Million in Latest Round of Funding

ElevenLabs, the AI company that’s developing the AI music creation platform, Eleven Music, has raised $500 million on a valuation of $11 billion. This funding will see Eleven Music grow from offering voice synthesis to full AI music generation, making it a rival to popular platforms Suno and Udio.

Follow the money:

• Sequoia Capital led the investment efforts, and one of the partners in the firm, Andrew Reed, has joined the ElevenLabs board.

• The funding had various other backers, including Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, Evantic Capital, BOND, BroadLight, NFDG, Valor Capital, AMP Coalition, and Smash Capital.

• More investors are expected to be revealed in the coming months.

• The company has now raised $781 million across five rounds.

Eleven Music:

• The AI company has made licensing agreements with major rightsholders Kobalt and Merlin.

What they said:

• Piotr Dąbkowski, Co-Founder ElevenLabs: “We started by building a voice that could sound human – and we did. Today, we are building foundational models across the full audio stack – text to speech, transcription, music, dubbing, and conversational models with a world-leading research team.