EU's €5 billion tech fund contacts ElevenLabs, plans to invest in UK voice AI unicorn.

BlockBeats news, September 17 — According to Bloomberg, people familiar with the matter said that Europe's newly established tech growth fund Scaleup Europe Fund is in talks to invest in UK-based AI company ElevenLabs Inc. The fund, sized at €5 billion and managed by Swedish private equity firm EQT AB, has completed a series of investments in several privately held European tech companies since its establishment earlier this year, focusing on strategic sectors including AI, quantum, semiconductors, robotics, energy, aerospace, and biotech, aiming to fill Europe's late-stage financing gap and reduce high-growth companies turning to the US to raise capital.

ElevenLabs is known for generative voice and conversational AI. In February this year, it completed a Series D round of about $500 million led by Sequoia Capital, at a valuation of about $11 billion, and has attracted increased backing from institutions including a16z and ICONIQ. The two sides are still in discussions, and the investment amount, valuation, and whether the fund will lead or participate in the round have not yet been determined.