ElevenLabs Achieves $330 Million ARR, Redefining Voice AI Industry
In a remarkable display of growth, ElevenLabs, the AI-driven voice generation startup, has reported surpassing $330 million in annual recurring revenue (ARR) by the end of 2025. CEO Mati Staniszewski highlighted this achievement in a recent interview, emphasizing the company’s rapid ascent since its inception in 2022.
This trajectory underscores our company’s momentum, Staniszewski remarked. We launched our first product in 2023, reaching $100 million in ARR within 20 months, $200 million in the subsequent 10 months, and now $330 million just five months later.
ElevenLabs’ voice agent technology has been widely adopted by both Fortune 500 companies and startups. This technology leverages organizational data and knowledge bases to enhance customer support and experience interactions. The company noted that enterprises are utilizing its solutions to manage over 50,000 calls monthly.
In January 2025, ElevenLabs secured $180 million in Series C funding, co-led by Andreessen Horowitz (a16z) and ICONIQ Growth, valuing the company at $3.3 billion. Subsequently, the company’s valuation doubled when ICONIQ and Sequoia Capital invested an additional $100 million to acquire employee shares.
Beyond voice generation and agent models, ElevenLabs expanded its offerings in 2025 by introducing music creation capabilities. The company also collaborated with celebrities like Michael Caine and Matthew McConaughey, integrating their voices into AI-generated content.
Founded in 2022 by former Palantir employee Mati Staniszewski and ex-Google engineer Piotr Dabkowski, ElevenLabs was inspired by the subpar dubbing of American films they experienced growing up in Poland. Their mission was to develop a platform that could produce more authentic and engaging voiceovers.
The company’s AI models can transform text into speech using synthetic, cloned, or entirely new voices that emulate various genders, ages, and ethnicities. These language-agnostic models allow clients to fine-tune and build proprietary speech models tailored to their needs.
In June 2023, ElevenLabs raised a $19 million Series A round, co-led by entrepreneurs Nat Friedman and Daniel Gross, along with Andreessen Horowitz. This funding facilitated the launch of Projects, a workflow for editing and creating long-form spoken content, enabling users to generate dialogues and audiobooks directly within the platform.
Despite its rapid growth, ElevenLabs has faced challenges. In December 2024, reports emerged that its AI voice generation technology was allegedly used in a Russian influence operation. In response, the company implemented safety features, including automatically blocking the voices of politicians and enhancing content moderation.
In October 2025, during the TechCrunch Disrupt conference, Staniszewski discussed the future of AI audio models, predicting their commoditization over time. He emphasized the importance of building proprietary models in the short term to maintain a competitive edge.
Looking ahead, ElevenLabs plans to enhance its conversational AI builder, aiming to reach more consumers directly and through partnerships. The company is also developing its own speech-to-text model, Scribe, supporting over 99 languages, to compete with existing solutions in the market.
Furthermore, ElevenLabs is venturing into the audiobook market by allowing authors to create and publish AI-generated audiobooks on its Reader app. This initiative aims to provide affordable and accessible tools for audiobook creation, potentially competing with platforms like Audible.
As ElevenLabs continues to innovate and expand its offerings, it remains a significant player in the voice AI industry, shaping the future of human-computer interactions.
