European Technology Fund Scaleup Europe is negotiating an investment in AI voice startup ElevenLabs, which plans to raise over 500 million USD

According to Bloomberg, the newly established European technology fund Scaleup Europe Fund is in talks to invest in the UK AI voice startup ElevenLabs, which aims to raise over $500 million in this round. The fund has a size of €5 billion (approximately $5.8 billion) and is managed by the Swedish private equity firm EQT. Since its establishment earlier this year, it has invested in several private technology companies in Europe.

Insiders say negotiations are still ongoing, and the deal may not be completed. Previously, ElevenLabs had discussions with investors regarding a secondary market offering with a valuation of about $22 billion, while the previous round of financing had a valuation of approximately $11 billion. The company uses AI to generate realistic voices that can be used for advertising, audiobooks, call centers, and sales training.