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Google, Microsoft, OpenAI CEOs Meet at the White House to Discuss AI Risk and Regulation
OpenAI 'lost' more than $500 million in 2022...
⚡ Today’s Highlights
📰 News: Joe Biden and Kamala Harris met with AI CEOs to address AI risk and regulation
💰 Funding: Inbox Health, ZestIoT, GoodShip, and Openlayer
🦾 Tools: The fastest email experience on the market
📅 Events: ODSC East 2023’s AI Expo and the Data Innovation Summit are both next week!
📰 Today's Top Stories
(9 min read) (Source: The New York Times)
TLDR: The White House convened a meeting with the leaders of Google, Microsoft, OpenAI, and Anthropic, an AI start-up, to discuss the risks and regulation of AI.
Vice President Kamala Harris urged the executives to take seriously concerns about the technology, saying that the private sector has an ethical, moral and legal responsibility to ensure the safety and security of their products.
The White House also announced that the National Science Foundation plans to spend $140 million on new research centers devoted to AI and pledged to release draft guidelines for government agencies to ensure that their use of AI safeguards "the American people's rights and safety."
The pressure to regulate the technology has been felt in many places around the world. Lawmakers in the European Union are in the midst of negotiating rules for AI, and in China, the authorities recently demanded that AI systems adhere to strict censorship rules.
POTUS sharing his thoughts with the CEOs: https://twitter.com/POTUS/status/1654237472065302528
(5 min read) (Source: The Information)
TLDR: OpenAI's losses doubled to around $540 million in 2022 as it developed ChatGPT, highlighting the costs of building large AI language models.
However, revenue is growing, with an annual pace of hundreds of millions of dollars just weeks after launching a paid version of the chatbot in February.
CEO Sam Altman reportedly suggested OpenAI may try to raise up to $100 billion in the coming years to develop artificial general intelligence that is advanced enough to improve its own capabilities. The costs of such development may see further competition in the AI race to keep pace with OpenAI.
Generative AI startup Runway just raised $100 million at a $1.5 billion valuation from a cloud service provider
(5 min read) (Source: Business Insider)
TLDR: Runway, a generative AI start-up that provides tools for artists and filmmakers, has reportedly raised approximately $100 million in a Series D funding round at a $1.5 billion valuation from a cloud service provider according to sources.
The deal will triple the valuation of the New York-based firm from its Series C round of $500 million five months ago. Runway aims to provide neural network tools for creatives in the technology and arts fields. It had previously raised $100 million from VCs such as Amplify Partners and Lux Capital.
(9 min read) (Source: Microsoft)
TLDR: Microsoft's AI-powered Bing search engine is now open to all users, after eliminating its waiting list, and supports multimedia results, chat history, and third-party build capabilities. Multi-modal abilities will come soon.
While the new feature set includes video and chat history, this content is not generated using AI, but rather multimedia that has historically shown up in search results.
The AI features in Bing remain in preview mode, however, which may reflect concerns over the accuracy of AI-generated search results.
(3 min read) (Source: Reuters)
TLDR: Two former Google researchers, Ashish Vaswani and Niki Parmar, who helped author the groundbreaking paper “Attention is all you need” on generative AI, have raised $8 million in funding for their new company, Essential AI.
The start-up is still in stealth mode and aims to develop software for large language models sources said. Thrive Capital, founded by Joshua Kushner and an investor in OpenAI, led the round.
Vaswani and Parmar left Adept AI, which they co-founded in 2021, to launch Essential AI. Adept announced a $350 million Series B funding in March 2023.
(5 min read) (Source: Bloomberg)
TLDR: Microsoft is teaming up with AMD to create an alternative to Nvidia's graphics processing units for AI workloads, as part of a broader trend to augment AI processing power.
AMD's expansion into AI processors will receive engineering resources and support from Microsoft. This deal highlights Microsoft's increasing involvement in the chip industry, as it develops a silicon division with almost 1,000 employees. AMD stock rose over 6.5% and Microsoft's rose about 1% after the announcement, while Nvidia's fell 1.9%.
💰 Funding Alerts
Inbox Health, a patient billing communications platform that uses data-driven AI, has raised $22.5 million in a Series B funding round, led by Ten Coves Capital (Steven Piaker, Managing Partner), bringing the total capital raised to $43 million.
Inbox Health’s machine learning-based platform automates patient billing communications, offering patients an easy-to-understand billing experience.
With the new funding, Inbox Health plans to expand its patient-first billing experience to reach more patients.
ZestIoT, an IoT and AI-enabled aviation industry management platform, has raised $6.5 million in a Series A funding round led by IvyCap Ventures and participated by Loyal VC.
The platform uses its GroundRadar and NoCodeAI platforms to connect people, places, assets, and operations and has over 100 deployments across various sectors. GroundRadar enables airlines, airports, and handlers to collaborate and increase aircraft turnaround speed while maintaining operational efficiency and safety. NoCodeAI ensures the safety and security of daily operations while driving operational efficiencies and improving quality.
ZestIoT will use the funds for serving clients, international expansion, enhancing customer experience, and expanding its talent pool.
GoodShip, a cloud-based procurement platform, raised $5 million in a seed round led by Ironspring Ventures (Ty Findley, Co-Founder and General Partner) and Chicago Ventures, with participation from Fuse VC, Cercano Management, and project44's Jett McCandless.
The company uses AI to provide analytics and insights to shippers' procurement ecosystems.
GoodShip plans to use the funding to accelerate the development of its bid feature and AI recommendation engine, as well as to expand its go-to-market efforts.
Openlayer, a company creating a machine learning validation and testing platform to detect, diagnose, and correct model failures, raised $4.8 million in seed funding, led by Quiet Capital with participation from Y Combinator and others.
Openlayer plans to empower everyone to effortlessly ship reliable, performant, and ethical models to the world. They aim to help users better understand errors, identify their root causes, and refine their models accordingly.
They plan to use the funding to release the product to the public and expand to deliver similar value to even more machine learning teams.
🦾 Trending Tools
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Caffeinated CX boosts the efficiency of customer support teams by automating the response process using machine learning algorithms to cut support costs and improve profitability. The tool integrates natively with popular support software, guaranteeing a 10x increase in efficiency or a money-back guarantee.
AudioPen transforms unstructured voice notes into clear and summarized text for messages, emails, blog posts, and more in a fraction of the time. AudioPen Prime offers style customization, length adjustment, multi-language writing, and Zapier integration.
👀 More Reading:
Will A.I. Become the New McKinsey? (The New Yorker)
Google shared AI knowledge with the world — until ChatGPT caught up (The Washington Post)
How one researcher used ChatGPT to fool a hacker (VentureBeat)
🌎 Fresh Content
1. Matt Wolfe put together a comprehensive breakdown of Midjourney’s many new updates including V 5.1, which is more opinionated, meaning that it can be more creative and add more of its own elements to an image, and works with shorter prompts. (YouTube)
2. “Pharma Bro” Martin Shkreli recently released “Dr. Gupta”, a ChatGPT clone that provides medical advice and diagnoses. So far, its rapping ability is just as impressive as its medical advice. “Yo, I’m Dr. Gupta and I’m here to share, My condolences for your loss, I truly care.” (Twitter)
📅 Upcoming Events
ODSC East 2023’s AI Expo (May 9-11, 2023 / In person at Boston Hynes Convention Center or Virtual) will be hosting talks from some of the best and brightest minds in data science and AI. Attend partner sessions that offer compelling insights on how to make data science and AI work for your industry, with topics including Machine Learning & Deep Learning Platforms, MLOps & Data Infrastructure, Data Annotation & Data Labeling, Data Analytics & Decision Intelligence Systems, Machine Learning on the Cloud & Big Data. Network with over 4,500 data science and AI experts and join the most influential Data Science community worldwide.
The Data Innovation Summit (May 11-12, 2023 / In person in Kistamässan, Stockholm or Virtual through Agorify) is the largest and most influential annual Data and AI event in the Nordics and beyond, bringing together the most innovative minds, enterprise practitioners, technology providers, start-up innovators and academics, working with Data Science, Big Data, ML, AI, Data Management, Data Engineering, IoT and Analytics, in one place to discuss ways to accelerate AI-driven transformation throughout companies, industries and public organizations. It is the place to be for all professionals and organizations working with the utilization of data and AI innovation for enhancing customer experience, improving operational processes, enabling future sustainability, reinventing business models, or developing data-driven products and services.
TDWI Nashville (May 14—19, 2023 / In person in Nashville, TN) is a six-day conference designed for data professionals and leaders who want to build effective data strategies, scalable architectures, and drive data-driven decision-making. With 40+ courses, 14 tracks, and 3 bootcamps to choose from, you can customize your learning experience. Plus, you'll have the opportunity to network with peers, gain new skills, and drive positive change in your business and career. Hurry, registration closes on May 12.
Attend Conversational AI Summit (May 16-17, 2023 / In person at the America Square Conference Centre in London, England) to discover advances in NLP, and how application can help create digital assistants, chatbots and conversational interfaces to improve customer experience & increase engagement.
The AI & Big Data Expo (May 17-18, 2023 / In person at the Santa Clara Convention Center in Santa Clara, CA) is a must-attend event for ambitious enterprise tech professionals. Explore how AI and Big Data impact industries like manufacturing, transport, finance, healthcare, and more. Hear from 250+ expert speakers sharing their industry knowledge and experiences through solo presentations, panel discussions, and fireside chats. Register now!
ChatGPT can help improve your business by providing expert advice on various topics such as pricing optimization, remote work productivity, and pitch development. It can help you generate creative and effective solutions to enhance your business operations and maximize success.
Pricing Optimization with Predictive Modeling
ChatGPT will help you understand how to use data analytics and predictive modeling to optimize pricing and revenue management in your business.
Prompt: "Act as an expert in data analytics and predictive modeling and help me optimize pricing and revenue management for my business. I can provide you with details on the products or services I offer, along with any relevant data or trends I have noticed in my sales. This will allow you to generate insights on how I can use data to maximize profits."
Improving Remote Work Productivity and Satisfaction
ChatGPT will help you explore innovative strategies for improving employee productivity and satisfaction in a remote work environment.
Prompt: "Let's explore innovative strategies for improving employee productivity and satisfaction in a remote work environment. I can share some details about my business structure, team size, and communication channels. Then you can provide insights on how to optimize remote work and facilitate a positive work culture."
Pitching Ideas with a Psychological Framework
ChatGPT will help you brainstorm creative ways to pitch your business idea to potential investors by thinking from a psychological perspective and creating a relatable marketing framework.
Prompt: "Act as an expert in psychology and marketing. Can you help me create a relatable marketing framework to pitch my business idea to potential investors? I can provide you with a brief overview of my business, target audience, and competitive landscape. With this information, you can help me create a compelling and persuasive pitch."