Scaleup Europe Fund is in discussions to invest in UK-based AI voice startup ElevenLabs as the company seeks to raise over $500 million in its latest funding round. The €5 billion ($5.8 billion) fund, managed by Swedish private equity firm EQT, has invested in multiple private European tech companies since launching earlier this year. Sources indicate negotiations are ongoing and a deal is not guaranteed. ElevenLabs previously engaged investors regarding a secondary sale at an approximately $22 billion valuation, double its $11 billion valuation from the prior funding round. The startup specializes in AI-generated realistic voice technology used across advertising, audiobooks, call centers, and sales training applications.