EQT’s Scaleup Europe Fund is in active talks to invest in UK-based voice-AI startup ElevenLabs Inc., according to people briefed on the situation, though no agreement is certain and representatives for EQT and ElevenLabs declined to comment. The fund, overseen by Sweden-based private equity group EQT AB, amounts to €5 billion ($5.8 billion), is supported by venture capital, pension plans and asset managers, and is anchored with €1 billion from the European Commission. Since its debut earlier this year, it has invested in privately held European tech outfits including Swedish coding startup Lovable, Finnish satellite firm Iceye Oy and France’s Mistral AI. People familiar say ElevenLabs aims to bring in over $500 million in its current raise; its technology generates natural-sounding voices for uses ranging from ads and audiobooks to customer support centers and sales training. In July, Bloomberg News reported the startup held early conversations about a secondary sale that could imply a valuation near $22 billion, while a previous round led by Sequoia Capital pegged the company at $11 billion.