European fund eyeing ElevenLabs valuation

The Scaleup Europe Fund, supported by the European Commission with a capital of 5 billion euros, has entered into negotiations to invest in the British company ElevenLabs, which specializes in voice AI technologies. The company is aiming to raise more than $500 million in a new funding round and is developing AI models for voice cloning and media applications. Previously, the company raised $500 million led by Sequoia Capital, with a valuation of $11 billion, and it generates annual revenues of over $330 million.

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