This Nvidia-backed startup quietly crossed an $11B valuation, fuelling IPO talk

Nvidia-backed startup ElevenLabs announced a $500 million Series D funding round that valued the voice-AI startup at $11 billion.

The new valuation represents a $7.7 billion increase from the company’s $3.3 billion valuation in January 2025.

The raise, led by Sequoia Capital, marks the moment when a company founded just four years ago joined the elite tier of AI infrastructure unicorns capable of commanding Apple or Spotify-scale valuations.

With $330 million in annual recurring revenue and plans to double that this year, ElevenLabs now stands as the quiet but potent backbone of a voice-AI transformation.

From scrappy startup to industry linchpin

ElevenLabs’ rise honestly sounds like something straight out of a VC dream.

The company was founded in 2022 by two Polish engineers, Piotr Dąbkowski and Mati Staniszewski, and it started with a pretty focused idea: high-quality text-to-speech.

But it didn’t stay narrow for long.

From there, ElevenLabs branched out into speech-to-speech synthesis, dubbing, AI-generated music, and even conversational voice agents.

The product surface expanded fast, but what’s interesting is that the mission never really drifted.

Unlike OpenAI, Google, or Meta, where voice is just one feature among many, ElevenLabs went all-in on audio.

Their entire research effort and product roadmap revolve around voice AI. No distractions, no side quests.

That focus is clearly resonating with investors.

In the company’s Series D round, Andreessen Horowitz quadrupled its investment, while ICONIQ Capital tripled down, a strong signal that top-tier VCs aren’t just optimistic, they are deeply convinced.

New names like Lightspeed Venture Partners, Evantic Capital, and BOND also joined the round.

Then there’s Nvidia.

In September 2025, Nvidia came on board as a strategic backer, and CEO Jensen Huang didn’t just quietly sign off; he publicly endorsed the partnership.

He has described ElevenLabs’ technology as a key piece of Nvidia’s broader AI infrastructure push, especially across the UK and Europe.

For a startup that started with text-to-speech just a few years ago, that kind of backing says a lot.

Voice as core infrastructure

What is driving the valuation is enterprise adoption.

ElevenLabs now counts household names among its users, with Cisco, Epic Games, Adobe, Meta, Salesforce, Deutsche Telekom, and Revolut all leveraging the platform.

Time uses ElevenLabs’ Audio Native for automated article voiceovers. The company has deployed over 2 million conversational AI voice agents across web, phone, and mobile apps.​

The revenue numbers tell the real story.

ARR of $330 million in 2025 implies roughly 15% of revenue still comes from self-serve creators and publishers; the other 85% flows from enterprise deployments.

Enterprise revenue grew 200% year-over-year, suggesting that as businesses automate customer service, content creation, and accessibility tools, ElevenLabs' technology becomes harder to replace.

Runway to IPO and beyond

CEO Mati Staniszewski has hinted at expanding beyond voice into video and AI agents capable of "speaking, typing, and taking action."

The company plans to deploy capital into research, international expansion, and product development.

With $781 million in total funding to date and a clear path to $500 million-plus annual revenue, ElevenLabs appears to be plotting toward a public offering in 2027 or 2028.

The timeline is interesting as it mirrors OpenAI's eventual IPO ambitions.

Nvidia's strategic partnership suggests confidence that voice AI will command venture returns similar to generative text models, despite regulatory and authenticity concerns. ​