- Foundry Technologies is in talks to raise money at a valuation of $350 million, a significant increase from its previous valuation of $50 million.
- The increase in valuation highlights the trend of hot companies in the AI sector raising money at rapidly escalating valuations.
- Foundry is one of many AI startups that have experienced a meteoric rise in valuation this year.
- The company plans to rent servers to companies for running AI software.
- The risky pandemic-era fundraising trend of rapidly increasing valuations in short periods of time has returned.
- Navin Chaddha is managing partner at Mayfield, a venture capital firm.
- Mayfield has announced the $250 million Mayfield AI Start, a dedicated seed vehicle to support AI-native founders.
- Mayfield is sharing five pieces of company-building advice with AI-native founders.
- The advice includes focusing on dominating a new tech stack layer, providing a painkiller rather than a vitamin, and understanding the market dynamics.
- Mayfield highlights the importance of building a strong team and having a clear go-to-market strategy.
- The firm also emphasizes the need for founders to have a long-term vision and to be adaptable to changes in the AI landscape.
- Google is planning to revamp its voice assistant, Assistant, with technology based on large language models (LLMs).
- The article raises the question of which software companies will benefit the most from the LLM boom.
- Tech giants like Google, Meta Platforms, and Microsoft are well positioned to incorporate LLMs into their products.
- However, investors have also placed sizable bets on general-purpose LLM developers, with over $12 billion in VC money going into six LLM providers in the past year.
- OpenAI is receiving a significant investment of $10 billion from Microsoft, but other LLM providers are also attracting substantial investments.
Prins AI, a provider of AI-driven digital persona training products, has raised $22 million in a Series A+ funding round to advance deep learning technologies, expand the team, and enhance marketing and sales efforts.
Amazon and Alphabet have the potential to achieve $3 trillion valuations by 2030 due to their strong presence in e-commerce, digital advertising, and cloud computing, as well as their potential growth in AI software and other areas.
European fintech unicorns are investing in AI talent, with companies like SumUp, Revolut, and Monzo using AI for tasks such as fraud detection and risk assessment, and hiring for AI roles.
Hugging Face, an AI startup, has raised $235 million in a Series D funding round, with participation from tech giants such as Google, Amazon, Nvidia, and IBM, and now has a valuation of $4.5 billion, signaling the growing demand for AI platforms and tools.
Paris-based startup Poolside AI has raised $126 million in a seed round led by French billionaire Xavier Niel and US VC Felicis, to develop an AI model that can write software code and eventually enable users to create applications without coding experience, with the company also opening a French subsidiary and relocating its HQ to Paris in a boost to the country's AI ambitions.
A new startup called Ideogram has launched with $16.5 million in funding and aims to differentiate itself from other AI image generators by offering reliable text generation within the image, such as lettering on signs and company logos.
The most promising AI startups in 2023, according to top venture capitalists, include Adept, AlphaSense, Captions, CentML, Character.AI, Durable, Entos, Foundry, GPTZero, Hugging Face, LangChain, Leena AI, LlamaIndex, Luma AI, Lumachain, Magic, Mezli, Mindee, Next Insurance, Orby AI, Pinecone, Poly, Predibase, Replicant, Replicate, Run:ai, SaaS Labs, Secureframe, Treat, Twelve Labs.
Artificial general intelligence (AGI) and AI ethics are among the important AI terms to know as AI's potential to reshape economies is estimated to be worth $4.4 trillion annually, according to McKinsey Global Institute.
Context.ai, a company that helps businesses understand how well large language models (LLMs) are performing, has raised $3.5 million in seed funding to develop its service that measures user interactions with LLMs.
OpenAI, the AI startup behind ChatGPT, is reportedly set to generate over $1 billion in annual revenue, well ahead of previous projections, thanks to the success of its AI-powered chatbot.
AI has garnered immense investment from venture capitalists, with over $40 billion poured into AI startups in the first half of 2023, raising concerns about who will benefit financially from its potential impact.
Anguilla's .ai domain name could generate around $30 million this year as companies register domains for AI startups and platforms, contributing to roughly 10% of the territory's GDP.
AI In brief X, formerly known as Twitter, has updated its privacy policy to state that it may train its AI models on user posts, with the policy change expected to take effect on September 29; however, CEO Elon Musk has clarified that private data, such as text in direct messages, will not be used to train the models.
Doug Lenat, a prominent figure in the field of AI, has passed away, leaving behind a legacy of pioneering work in neurosymbolic systems and machine reasoning.
AI21 Labs, an Israeli startup, has raised $155 million in its Series C round, with a valuation of $1.4 billion; the company offers API access to its language models and tools designed for various tasks like summarization and question answering.
US newspaper chain Gannett has temporarily halted the publication of AI-generated sports articles after the machine-written pieces received criticism for their errors and poor writing quality.
Imbue, a woman-led AI research startup, has raised $200 million in a Series B funding round led by the Astera Institute, valuing the company at over $1 billion, but it could be years before it reveals a product. Imbue's focus is on developing AI "agents" that can simulate human decision-making to complete complex tasks, and it has access to 10,000 Nvidia H100 GPUs to build these agents. The startup is still in the early stages and has not yet released a demo of its agents.
The global AI market is projected to reach $2 trillion by 2030, with companies like Amazon and Meta Platforms making significant investments in AI to drive growth and diversify their offerings.
The trading volume of AI tokens showed a moderate increase last month, reaching around $870 million, despite controversy surrounding Worldcoin's launch, but there was a significant decrease compared to the beginning of the year.
Cathie Wood's Ark Invest predicts that AI software revenue will reach $14 trillion by 2030, and believes that Salesforce and The Trade Desk are attractive investments due to their potential in the AI market and their current valuations.
Google and Google.org have launched the Digital Futures Project, a $20 million initiative to study responsible AI technologies, in order to address issues related to fairness, bias, misinformation, security, and the future of work by collaborating with outside organizations and fostering responsible discussion.
European AI startup Druid has raised $30 million in a Series B funding round to support its U.S. growth, which currently accounts for the majority of its revenue, as it expands its conversational business applications powered by generative AI.
The United States and China lead in AI investment, with the U.S. having invested nearly $250 billion in 4,643 AI startups since 2013, according to a report.
Ernst & Young has invested $1.4 billion in AI technologies and launched a new AI-powered platform, EY.ai, to help organizations adopt AI and unlock economic value responsibly.
Nvidia's head of enterprise computing, Manuvir Das, believes that the artificial intelligence (AI) market presents a $600 billion opportunity for the company, as demand for AI technology continues to fuel its growth, leading analysts to overlook its undervalued shares and potential for exceptional growth in the years to come.
Full-stack generative AI platform, Writer, has secured $100 million in a Series B funding round led by ICONIQ Growth, with participation from WndrCo, Balderton Capital, and Insight Partners, as well as Writer customers Accenture and Vanguard; the funding will be used to invest in industry-specific language models and add capabilities to its models, enabling organizations to accelerate growth, increase productivity, and ensure governance.
Israeli cybersecurity startup Legit Security has raised $40 million in a Series B funding round led by US venture capital firm CRV to help businesses protect their AI-based applications from cyberthreats and security breaches. The funds will be used to boost sales, R&D, and address the emerging threat posed by AI and large language models in application development.
Israel is investing NIS 30 million ($8 million) to develop artificial intelligence applications in spoken Hebrew and Arabic, aiming to reduce the existing gaps in language processing and advance innovation in the country.
Goldman Sachs predicts that artificial intelligence (AI) could add $7 trillion to the global economy over the next decade, leading to a massive increase in spending on hardware and software related to AI, making companies like Nvidia and Microsoft potential winners in the market.
