The EU-backed Scaleup Europe Fund is in talks to invest in London-based voice AI startup Eleven Labs as part of a funding round that could raise more than $500m, according to Bloomberg. The round may value the company at over $1 billion, with participation from existing investors including Andreessen Horowitz, Sequoia Capital, and IVP. Eleven Labs, known for its advanced text-to-speech and voice cloning technology, has seen rapid growth in enterprise adoption across media, gaming, and accessibility sectors.

The potential investment underscores increasing EU strategic interest in scaling homegrown AI champions amid global competition.