EU's €5 Billion Tech Fund Engages ElevenLabs, Plans to Invest in UK Voice AI Unicorn

BlockBeats News, September 17 — According to Bloomberg, sources revealed that Europe's newly established tech growth fund, Scaleup Europe Fund, is in talks to invest in UK-based artificial intelligence company ElevenLabs Inc. The fund, with a scale of €5 billion, is managed by Swedish private equity firm EQT AB. Since its establishment earlier this year, it has completed a series of investments in multiple unlisted European tech companies, focusing on strategic sectors such as artificial intelligence, quantum computing, semiconductors, robotics, energy, aerospace, and biotechnology. The fund aims to address Europe's late-stage financing gap and reduce the trend of high-growth companies seeking funding in the U.S. ElevenLabs is renowned for its generative voice and conversational AI. In February this year, it completed a Series D funding round of approximately $500 million led by Sequoia Capital, with a valuation of around $11 billion. The company has also attracted additional investments from firms like a16z and ICONIQ. Currently, discussions between the two parties are ongoing, and details such as the investment amount, valuation, and whether the fund will lead or follow in the investment remain undecided. [Original Link]