AI Fund's Activate Invests in ElevenLabs at $11 Billion Valuation
Activate Invests in ElevenLabs as Part of $11 Billion Series D Funding Round
AI-focused venture firm Activate has made a significant investment in voice artificial intelligence startup ElevenLabs as part of the company's recently closed Series D funding round, which valued ElevenLabs at $11 billion. The investment amount was not disclosed, but it is part of a larger trend of growing investor interest in voice-led artificial intelligence products, particularly in markets like India.
The Series D funding round was led by ICONIQ Capital and Andreessen Horowitz, with ElevenLabs also announcing strategic investors such as Nvidia and BlackRock over the past week. ElevenLabs develops AI models for speech generation, dubbing, and conversational voice agents. The company said India is already its second-largest market globally by revenue.
As part of the partnership, Activate will support ElevenLabs' expansion in India and work with startups, developers, and enterprises building on the company's voice AI platform. This investment marks Activate's first growth-stage deal since the firm launched earlier this year with a focus on backing AI-native startups in India.
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| Investor | Investment Type | Investment Amount |
|---|---|---|
| ICONIQ Capital | Series D Lead Investor | N/A |
| Andreessen Horowitz | Series D Investor | N/A |
| Nvidia | Strategic Investor | N/A |
| BlackRock | Strategic Investor | N/A |
| Activate | Growth Stage Investor | N/A |
The investment comes amid growing interest in voice AI in India, where companies are increasingly building conversational and regional-language AI tools for customer support, commerce, education, and content creation. ElevenLabs' co-founder, Mati Staniszewski, noted that India is one of the fastest globally to adopt voice AI, with innovative uses across the country.
Activate's founder, Aakrit Vaish, stated that voice will be a foundational interface for AI in India, given the country's linguistic diversity and the way millions of users interact with technology. The partnership between Activate and ElevenLabs aims to bring world-class infrastructure to Indian founders and unlock a new wave of voice-native AI companies.
Investor Takeaway
Investors are showing interest in voice-led artificial intelligence products, particularly in India.
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