ElevenLabs is in talks to raise fresh funding in a deal that could value the voice AI company at around $11 billion, according to the Financial Times.
If agreed, the round would almost double its most recent valuation of $6.6bn and make the London-based business the UK’s most valuable AI startup.
Sources told the FT that the company is seeking to raise hundreds of millions of dollars, just four months after a secondary share sale that valued the business at $6.6bn.
It also comes less than a year following a Series C funding round which valued it at $3.3bn.
ElevenLabs, founded in London in 2022 by Polish entrepreneurs Mati Staniszewski and Piotr Dabkowski, develops AI tools that generate lifelike synthetic voices used in areas including customer service, text-to-speech and dubbing.
It made the Top 100 Rising European Startups for 2025 list by Viva Technology as well as Tech Nation’s Future Fifty last year.
In August, the company unveiled a new tool that lets users create fully-produced music tracks simply by typing a prompt.
It has scaled rapidly and was reported to have reached $330 million in ARR last year, serving clients including Epic Games, Cisco, Chess.com and Perplexity.
A successful raise at the mooted valuation would also place ElevenLabs among the most valuable AI startups in Europe, alongside companies such as autonomous driving startu Wayve and France’s Mistral.