India's AI venture firm Activate makes strategic bet on ElevenLabs
15 May 2026, 12:33 PMIndia is already ElevenLabs' second-largest market by revenue.
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AI-focused venture capital firm Activate has picked up a strategic stake in global voice AI startup ElevenLabs, marking its first investment in a global growth-stage AI company.
Pratyush Choudhury, co-founder, Activate, said in a LinkedIn post that the investment is part of ElevenLabs' latest Series D financing. He did not disclose financial details of the transactions.
According to media reports, the investment was made through a separate strategic vehicle backed by the firm's Limited Partners and sponsors, and not through its core early-stage fund.
Activate was launched in December last year by Aakrit Vaish, co-founder of conversational AI startup Haptik, which was acquired by Reliance, and Choudhury, who was previously part of Freshworks' founder Girish Mathrubootham floated venture capital firm -- Together Fund. While the total corpus of the fund was not revealed then, a person familiar with the matter said that the fund size is pegged at $75 million.
New York-headquartered ElevenLabs, which develops AI models for speech generation, dubbing and conversational voice agents, was recently valued at $11 billion in its Series D funding round led by ICONIQ Capital and Andreessen Horowitz.
India is already ElevenLabs' second-largest market by revenue, the company has said earlier.
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