AI-focused venture firm Activate has invested in voice AI startup ElevenLabs as part of its recently closed Series D round, which valued the company at $11 billion, according to media reports.
The deal marks Activate’s first investment in a global growth-stage AI company since launching its $75 million fund in 2025.
The size of Activate’s investment was not disclosed.
The Series D round, announced in February, was led by Sequoia Capital, with Andrew Reed joining the board. Andreessen Horowitz increased its stake fourfold, while ICONIQ tripled its investment, both making significant super pro-rata commitments.
New investors Lightspeed Venture Partners, Evantic Capital, and BOND also participated in the round.
As part of the partnership, Activate will support ElevenLabs’ expansion in India and work with startups, developers, and enterprises building on its voice AI platform, according to a Moneycontrol report.
Separately, ElevenLabs plans to set up an office in India as it strengthens its focus on the market. The company currently has a team of around 18 employees in the country and plans to expand hiring across engineering, sales, customer success, and forward-deployed roles.
