ElevenLabs, the AI audio company behind the Eleven Music generator, says its annual recurring revenue has passed $500 million, up from $350 million at the end of 2025. It shared the figure on May 5 while adding new investors in a third close of its Series D. The round was announced in February at an $11 billion valuation, led at first by Sequoia with Andreessen Horowitz and ICONIQ adding to their stakes. According to Tech.eu, it has now raised more than $550 million.
The new money comes from institutions including BlackRock, Wellington, D.E. Shaw and Schroders, and from corporate backers Nvidia's NVentures, Santander, KPN and Deutsche Telekom's T.Capital. More than 30 people from entertainment and sport are investing for the first time, among them Jamie Foxx, Eva Longoria and Squid Game creator Hwang Dong-hyuk. They join existing investor Matthew McConaughey. Longoria said she invested because the company builds with creative people in mind. ElevenLabs also ran a $100 million tender offer, has 530 staff in more than 50 countries, and is opening to retail investors through Robinhood Ventures, whose fund bought about $20 million of Series D stock in March.
The company says most of its growth comes from businesses using its voice agents for support, sales, hiring and marketing. Deutsche Telekom, for example, uses it for customer service, live help, translation and marketing video. The investors described voice agents as future infrastructure.
For artists, the music business is the most relevant part. Eleven Music launched last August with licences already in place, unlike Suno and Udio, which launched without them and were then sued by the major labels. It has deals with Merlin, Kobalt and, most recently, Believe, which signed a parallel deal with Udio. In March it opened a marketplace for selling AI tracks, saying almost 14 million had been made on the platform. In April it launched a standalone ElevenMusic app, billed as artist-first, with more than 4,000 indie artists. Music strategy lead Derek Cournoyer, who joined from Kobalt, said the service is built with songwriters rather than around them. For comparison, Suno reported $300 million in annual revenue and 2 million paid subscribers in February.
ElevenLabs plans to use the money to combine image and video generation with its audio tools for creative and marketing teams. It is also building agents that work across voice, chat and email. Mati Staniszewski and Piotr Dabkowski founded the company in 2022. It started with text-to-speech and has since added transcription, sound effects, dubbing, music and conversational AI.
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