ElevenLabssays it has crossed $500 million in annual recurring revenue, up from $350 million at the end of 2025.
The AI audio company, which operates Eleven Music, a rival to Suno and Udio, disclosed the milestone on Tuesday (May 5) as it welcomed new investors to its $500 million Series D funding round, which was first announced in February at an $11 billion valuation.
The round has now raised more than $550 million in total with this third close, according to Tech.eu.
The third close brings a roster of new institutional investors, including BlackRock, Wellington, D.E. Shaw, and Schroders, alongside enterprise backers NVIDIA (via its venture arm NVentures), Santander, KPN, and Deutsche Telekom (through its strategic investment arm T.Capital).
Actor Jamie Foxx, actress Eva Longoria, and Squid Game creator Hwang Dong-hyuk are among a group of more than 30 actors, musicians, athletes, and entertainment executives investing in ElevenLabs for the first time, joining existing investor Matthew McConaughey.
ElevenLabs says its revenue growth is being driven by enterprises deploying voice agents across customer support, sales, hiring, and marketing operations.
“ElevenLabs has built the technical leadership and commercial traction to define the category, and the company’s growth trajectory reflects the scale of the opportunity ahead.”
Rob Mazzoni, Wellington Management
“Every major enterprise will communicate with its customers and audiences through AI agents,” said Rob Mazzoni, Technology Sector Lead for Late-Stage Growth at Wellington Management.
“The companies that power natural, human-like interactions at scale will become critical global infrastructure.
“ElevenLabs has built the technical leadership and commercial traction to define the category, and the company’s growth trajectory reflects the scale of the opportunity ahead.”
Deutsche Telekom, which uses the ElevenLabs platform for customer support agents, in-network live assistance, real-time translation, and marketing video production, invested through T.Capital.
“ElevenLabs is not just a category leader — it is becoming a foundational enabler of Deutsche Telekom’s broader Industrial AI vision.”
Karine Peters, T.Capital
“Voice is the highest-stakes channel for any customer interaction, and the bar for quality, latency and security is extremely high,” said Karine Peters, Managing Director at T.Capital.
“ElevenLabs is not just a category leader — it is becoming a foundational enabler of Deutsche Telekom’s broader Industrial AI vision.”
“AI is transforming how stories are told and who they can reach. ElevenLabs is at the forefront of this technology, and I’m excited to invest in a company that builds with creatives in mind.”
Eva Longoria
Eva Longoria said: “AI is transforming how stories are told and who they can reach.
“ElevenLabs is at the forefront of this technology, and I’m excited to invest in a company that builds with creatives in mind.”
The Series D was initially led by Sequoia Capital, with Andreessen Horowitz and ICONIQ among existing investors who increased their stakes.
ElevenLabs was founded in 2022 by CEO Mati Staniszewski and CTO Piotr Dąbkowski. The company initially developed AI text-to-speech technology but has since expanded into speech-to-text, sound effects, dubbing, music, and conversational AI.
On the music side, ElevenLabs launched Eleven Music last August, entering the AI music generation market with licensing deals already in place — a contrast to Suno and Udio, both of which launched without them and subsequently faced copyright litigation from the major record companies.
AI music generator Suno said in February that it had reached $300 million in annual revenue and 2 million paid subscribers — though it remains the target of ongoing copyright litigation from UMG and Sony Music Entertainment.
In March, ElevenLabslaunched a Music Marketplace to let creators monetize AI-generated tracks, at which point the company said nearly 14 million tracks had been created on the platform since its debut.
Last month, it followed up with the launch of a standalone ElevenMusic app on the App Store and a broader launch as what the company describes as an “artist-first” music creation and remixing service with more than 4,000 indie and emerging artists now on the platform.
ElevenLabs said that its AI-powered music platform is “built on a fully licensed music model,” and “gives artists a direct path to monetization while enabling fans to actively participate in the music itself”.
“Everything about ElevenMusic, from our fully licensed music model to our commercial approach, is designed with that principle at heart.”
ElevenLabs says it will use its funding to combine image and video generation with its audio platform for creative and marketing teams, while also building agents that can serve customers across voice, chat, email, and other channels.Music Business Worldwide
