Mati Staniszewski and Piotr Dabkowski Triple ElevenLabs’ Valuation to $11 Billion, Strengthening Their Hold on Voice of AI

ElevenLabs by Mati Staniszewski and Piotr Dabkowski is everywhere. Matthew McConaughey is using ElevenLabs to power the Spanish-language version of his personal newsletter. Masterclass uses ElevenLabs to give AI versions of its instructors a voice. Even the Ukrainian government uses ElevenLabs to add audio links to public services. Silicon Valley, of course, has also noticed the project’s rapidly spreading influence. Today (Feb. 4), Staniszewski and Dabkowski announced that their business has raised $500 million in a Series D round, led by Sequoia, with major backers such as Andreessen Horowitz, Iconic, Lightspeed Venture Partners, Evantic Capital and BOND. This round gives ElevenLabs a total of $11 billion in funding, which is a three-fold increase from the $3.3 billion it received last year, and brings the total funding to $781 million.

Palantir (Staniszewski) and Google (Dabkowski) alums launched the company in 2022 focusing on text-to-speech AI models and has since expanded to include features such as chat technology, transcription and audio. Staniszewski and Dabkowski they are in the middle are the leading players in AI today, and ElevenLabs is the undisputed authority in voice generation AI—an AI submarket that is expected to grow from $4.1 billion in 2025 to $20.7 billion in 2031.

ElevenLabs closes 2025 with more than $330 million in annual revenue—10 percent more than last year’s goal of $300 million. With the new funding in hand, Staniszewski and Dabkowski will support ElevenLabs’ lineup of conversational AI agents, making assistants (used by the likes of Square and Revolut) faster, more interactive, and more expressive. Duolingo, Nvidia and Time Magazine use ElevenLabs’ ElevenCreative platform to create and localize audio in more than 70 languages. Meta, Epic Games, Salesforce and Harvey use ElevenLabs’ voice infrastructure to empower developers to create products and experiences.

Business is not the only source of business income. In a surprising move in an industry rife with concerns about AI, Hollywood has shown growing interest in ElevenLabs’ Iconic Voice Marketplace, a two-way platform that allows authorized use of AI-generated versions of celebrity voices. McConaughey (who owns an equity stake in the company) and Michael Caine were among the first actors to license their voices to ElevenLabs and have become prominent proponents of the market, now including the voices of Maya Angelou, Alan Turing, Liza Minelli and Art Garfunkel.

Staniszewski and Dabkowski they don’t just enter new industries; are expanding ElevenLabs to new locations beyond their headquarters in London and New York. To maintain its lead over competitors such as Hume, WaveForms and PlayAI—the latter two were acquired by Meta last year—ElevenLabs is looking for offices in Europe, Asia, Australia and South America, and plans to go public eventually. Last year, Staniszewski said ElevenLabs hoped to be ready for an IPO within the next five years.

“When we started ElevenLabs, we couldn’t have imagined the scale and impact we’ve reached today, with an amazing team doing the best work of their lives,” Staniszewski, who is also CEO of ElevenLabs, said in a statement. “But we’re always hungry, knowing how fast this space is, as we head toward the IPO and beyond.”