AI Startup ElevenLabs More Than Triples Valuation to $11 Billion

ElevenLabs, a startup using artificial intelligence to create a wide range of realistic voices, has more than tripled its valuation from a year ago to $11 billion in a fundraising round.

The company is raising $500 million in a round led by Sequoia Capital, with investors Andreessen Horowitz and Iconiq also participating, ElevenLabs said in a statement on Wednesday. Sequoia partner Andrew Reed will join the board.

ElevenLabs plans to use the funds to build out its technology, including a platform enabling its enterprise customers to use conversational agents for customer support, training, sales and other functions, which ...