London-based ElevenLabs deepens its move into conversational AI for telecoms while backing from Nvidia and telco partners underscores broader industry adoption
London-based AI company ElevenLabs has raised $500 million in a Series D funding round that values the business at about $11 billion, signalling continued investor confidence in its voice and conversational AI products. The funding was led by Sequoia Capital and included significant participation from Andreessen Horowitz and ICONIQ, among others.
Founded in 2022 by Polish technologists Piotr Dabkowski and Mati Staniszewski, ElevenLabs originally made its name with AI models that generate highly realistic human-like speech and has since broadened into tools for dubbing, music generation and conversational agents. In 2025, the startup reported more than $330 million in annual recurring revenue, reflecting sharp adoption of its technology across sectors.
For telcos, ElevenLabs’ platform is increasingly relevant. Its ElevenAgents suite offers intelligent real-time AI agents capable of speaking, typing and taking action across voice and chat channels, resolving customer queries and executing tasks while grounded in the operator’s own data. According to the company, these agents support multiple languages and can integrate with internal systems to automate common telecom workflows.
Europe’s largest operator, Deutsche Telekom, is deploying AI voice agents powered by ElevenLabs in its customer support operations, replacing traditional interactive voice response systems with conversational interfaces that aim for more natural dialogue and reduced wait times. On its website, ElevenLabs cites Marieke Snoep, chief B2C at Dutch operator KPN, saying: “Speech is becoming the most natural way to interact with technology… we believe this role will only grow in the future. Together with ElevenLabs, we can provide our customers with a truly personalised experience 24/7.”
The company’s growth has attracted attention beyond the AI and telecom sectors. Investors and analysts have noted that the fresh capital raise more than triples ElevenLabs’ valuation from around $3.3 billion a year ago, following a Series C round and a secondary stock sale at a $6.6 billion valuation in late 2025.
According to industry reporting including from CNBC, Nvidia has also backed the startup, aligning ElevenLabs with one of the world’s most prominent AI infrastructure providers – and serial funders – and potentially strengthening its position in markets that demand high-performance AI systems integrated with telecom networks.
ElevenLabs plans to use the funding to expand its research in conversational models and broader audio AI, as well as its global footprint, with go-to-market teams across major regions. While the company has said it will eventually pursue an IPO if market conditions allow, its near-term focus remains on scaling enterprise adoption of its agents and voice technologies.
