The company is leveraging its existing pipeline for the text-to-speech part but needs to develop speech-to-text capabilities for the new product. Although it is not currently offering its speech-to-text API as a standalone product, it may do so in the future, potentially competing with Google, Microsoft, Amazon, and other specialized APIs. ElevenLabs, which is seeking new funding at a valuation of over $3 billion, also competes with other voice AI startups like Vapi and Retell. However, it believes its customizations and ability to switch models will give it an advantage over competitors like OpenAI.
Key takeaways:
- ElevenLabs, an AI startup, has launched a feature allowing users to build conversational AI bots on its developer platform, with customizable variables such as tone of voice and response length.
- Users can add their own knowledge base to power the conversational bot and can also integrate their own custom Large Language Model (LLM) with the bot. The SDK is compatible with Python, Javascript, React, and Swift.
- ElevenLabs is developing speech-to-text capabilities for the new conversational AI product, potentially making it a competitor to Google’s, Microsoft’s and Amazon’s speech-to-text APIs in the future.
- The company is aiming to raise new funding at a valuation north of $3 billion and competes with other voice AI startups like Vapi and Retell, as well as OpenAI’s real-time conversational API.