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Adobe releases an AI-fill tool that ‘uncrops’ images
⚡ Today’s Highlights
📰 News: Adobe releases a new tool that ‘uncrops’ images, Reels is closing in on TikTok
💰 Funding: RapidAI, Proprio, Autogen AI, CompScience, Passage, MSPbots, and Thymia
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📰 Today's Top Stories
(3 min read) (Source: TechCrunch)
TLDR: Adobe introduced Generative Expand, a feature in Photoshop that uses generative AI to expand and resize images by adding AI-generated content to fill the new canvas.
Users can apply the feature with or without a text prompt, and generated content appears as a new layer, allowing easy removal if needed.
Adobe will implement filters to prevent the generation of inappropriate or toxic content and plans to enable commercial use of Generative Expand in the second half of the year.
(6 min read) (Source: VentureBeat)
TLDR: Stack Overflow introduced OverflowAI, a set of generative AI capabilities for its public site and enterprise offering, Stack Overflow for Teams.
OverflowAI enhances search functionalities, allowing users to ask conversational questions and receive accurate, generative answers from the vast public knowledge base.
The goal is to complement the community-based Q&A forums and make it easier for developers and enterprises to access and use information efficiently.
The Big Picture: The integration of generative AI in platforms like Stack Overflow showcases the growing significance of AI tools in supporting developers and businesses. By providing conversational search and code generation capabilities, AI is poised to transform how technical knowledge is accessed and shared, advancing the efficiency and quality of software development and innovation.
(2 min read) (Source: Reuters)
TLDR: Microsoft will supply Japan's government with ChatGPT generative AI technology, including GPT-4, for clerical work and analysis, streamlining administrative tasks and drafting responses to parliamentary queries.
To handle confidential information, Microsoft installed high-powered equipment for generative AI at data centers in Tokyo and Osaka, marking the first deployment of this technology in Asia.
The use of generative AI is seen as a means to improve the quality and efficiency of administrative services, with plans to expand its usage in various Japanese ministries and agencies.
The Big Picture: The adoption of AI tools in government operations could massively increase administrative efficiency and quality of services. However, they also come with more significant considerations for data privacy and security than almost any other sector.
(4 min read) (Source: Reuters)
TLDR: Reels, Meta's competitor to TikTok, has experienced significant growth in video plays and revenue, reaching 200 billion daily views and a $10 billion annual revenue run rate.
Meta attributes Reels' success to its improving AI-powered recommendation software, making it easier for advertisers to place promotions on the platform.
Despite Reels' growth, TikTok remains the leader in time spent on social media apps, highlighting the ongoing significance of AI in content recommendations and ad placement.
👀 More Reading:
Which U.S. Workers Are More Exposed to AI on Their Jobs? (Pew Research System)
Top résumé tips to stand out in automated screenings and with recruiters (The Washington Post)
Score one for ‘the algorithm’ (POLITICO)
💰 Funding News
Its AI-powered tech streamlines clinical decision-making and patient workflows, with intelligence derived from nearly 10M scans across 2,000+ hospitals in over 100 countries.
Thus far the company has built a comprehensive portfolio of stroke solutions, including Rapid NCCT Stroke – the first and only FDA-cleared medical device to detect suspected intracranial hemorrhage (ICH) and large vessel occlusion (LVO) from non-contrast CT imaging.
The round was led by Vista Credit Partners, a subsidiary of Vista Equity Partners
The funding will drive platform innovation to support more disease states, expand into new regions, and accelerate growth in new product verticals.
2. Proprio, a surgical tech company, raised $43M in Series B round, for their system that utilizes light field computer vision and AI to create a real-time 3D visualization of surgery, providing Volumetric Intelligence™ to surgeons for better navigation.
Proprio's flagship surgical navigation platform, Paradigm™, achieved a significant milestone this year by obtaining 510(k) clearance from the U.S. FDA.
The received funding from new and existing investors including DCVC, BOLD Capital Partners, Bird B. AG, Cota Capital, Intel and HTC to drive adoption of its AI-driven surgical navigation platform.
The investment will fuel commercialization to meet the growing demand for their platform in the US and overseas, aiming to disrupt traditional medical device businesses with data-driven advancements in surgery.
3. AutogenAI, an bid and proposal writing software company, raised $21M Series A. Their tech utilizes LLMs integrated with an organization's data, to reduce bid-writing time by 70% and increase success rates by over 30%.
AutogenAI aims to democratize bid-writing, enabling businesses of all sizes to participate in public and private sector procurement more efficiently and effectively.
The round was led by Blossom Capital
The investment will fuel their expansion into new territories, aligning with Blossom Capital's track record of investing in high-growth potential startups.
4. CompScience Insurance Services, raised a $10M Series A for their use of visual AI and insurance incentives to drive workplace safety changes, which delivers 300x more data than traditional safety inspections. Companies buy their policies and receive the tech at no additional cost, leading to data-driven safety culture transformation.
The round led by Valor Equity Partners and Four More Capital, an early-stage investing arm of Henry Crown and Company.
Vivek Pattipati, Partner at Valor Equity Partners, praised CompScience for transforming workplace safety and disrupting workers' compensation insurance with a superior, cost-effective product. He highlighted how the timing for a company like Compscience is key, as American supply chains are undergoing a major restructuring along with the reshoring of tons of manufacturing jobs.
The investment will enable CompScience to expand into more industry verticals and grow its offerings.
5. Passage, an AI-driven virtual world builder, raised $6M in a private sale of its native token, PASG, led by Akash Network. The funding will support the development of the Passage platform, including the social dashboard and enterprise solution, as well as technology partnerships and community contributions. Other investors include Druid Ventures, Vitwit, Cosmostation, and more.
6. MSPbots, an AI-driven MSP solutions provider, raised $5M in Seed funding from Mercury. The funding will be used to develop and grow MSPbots with emerging AI technologies like LLM and RLHF and expand its team. MSPbots offers proactive intelligence solutions that automate tasks, optimize team management, and reduce administrative burden for MSPs, enabling them to scale without increasing headcount and providing hands-off training for their teams.
7. Thymia, an AI mental health startup, raised $2.7M led by Kodori Ventures, with backing from Entrepreneur First, Syndicate Room's Access, Calm/Storm, and Form Ventures. Thymia uses AI to assess and track patients' mental health conditions, combining neuropsychology, linguistics, and machine learning to evaluate symptoms. The funding will be used to advance their medical device certification in the UK, file patents, and expand their AI and ML team.