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Reuters paid $650 M in cash for AI legal firm Casetext
⚡ Today’s Highlights
📰 News: Thomson Reuters acquires legal AI firm Casetext for $650 million
💰 Funding: Redpanda, Cyera, Reka, Flywheel, and NoTraffic
🦾 Tools: Maximize productivity and focus with this AI-powered unified workspace
📰 Today's Top Stories
(2 min read) (Source: Reuters)
TLDR: Thomson Reuters is acquiring legal startup Casetext in a $650 million all-cash deal to enhance its offerings with an AI-powered legal assistant called CoCounsel.
CoCounsel, powered by OpenAI's GPT-4 large language model, provides law professionals with document review, legal research memos, deposition preparation, and contract analysis in minutes.
The acquisition aims to bring generative AI solutions to Thomson Reuters' customers and is expected to close in the second half of 2023, pending regulatory approvals.
(4 min read) (Source: CNBC)
TLDR: Unity's stock rose over 15% after announcing a new marketplace for AI software.
Unity's dedicated AI marketplace in the Asset Store provides various tools for game and asset creation, including AI for rapid asset creation, AI-based characters, and AI for VFX and physics creation.
The company also introduced two AI-based products called Sentis and Muse, offering cross-platform runtime inference and tools to enhance real-time 3D content creation.
The Big Picture: Unity's expansion into the AI market reflects the increasing importance of AI in the gaming and technology industries, enabling creators to enhance their content, improve productivity, and meet the growing demands of gamers.
(3 min read) (Source: BNN Bloomberg)
TLDR: The European Union has established four testing and experimental facilities, backed by €220 million, to ensure the safety and trustworthiness of AI innovations before they are brought to market.
These facilities, both physical and virtual, will provide technology providers with real-life settings to test and validate their AI and robotics applications in sectors such as manufacturing, healthcare, agriculture, food, and cities.
The aim is to bring "trustworthy artificial intelligence" to the market and address risks like disinformation, acting as a "safety filter" between technology providers and users while informing public policy. These initiatives complement existing regulations like the EU's AI Act.
(3 min read) (Source: Reuters)
TLDR: Snowflake, a cloud data analytics company, has partnered with Nvidia to enable customers across various industries to build their own AI models using their data. This move allows for compute to be brought to the data, leveraging Snowflake's valuable proprietary data.
Nvidia will embed its NeMo platform for training and running generative AI models into Snowflake Data Cloud, providing customers with the ability to train new AI models using their own data, gaining a competitive advantage while maintaining control over their data. The partnership aligns with the increasing importance of data in today's landscape.
(4 min read) (Source: The Verge)
TLDR: Microsoft is considering expanding its cloud-based approach to Windows by enabling a full Windows operating system to be streamed from the cloud to any device.
This move, revealed as part of the ongoing FTC v. Microsoft hearing, aims to leverage the power of the cloud and improve AI-powered services for a seamless digital experience.
The expansion of Windows to the cloud for consumers is discussed alongside Microsoft's focus on investing in custom silicon partnerships, including ARM-based processors. This aligns with Microsoft's efforts to enhance its hardware offerings and potentially develop its own AI chips.
💰 Funding Alerts
1. Redpanda, a streaming data platform using AI/ML, raised $100 million in Series C funding led by Lightspeed Venture Partners (Arif Janmohamed, Partner), with participation from GV and Haystack VC. This brings Redpanda's total funding to $165 million.
Redpanda provides developers with a native Kafka API, aiming to simplify complexity, optimize performance, and reduce costs.
With the new funds, Redpanda plans to enhance its streaming data platform with new AI-capabilities as well as investments in WebAssembly, Apache Iceberg, and serverless technologies. The company aims to support data-intensive applications beyond what legacy streaming platforms can offer.
2. Cyera, a data security platform leveraging AI, raised $100 million in a Series B funding round led by Accel (Philippe Botteri, Partner), with participation from Sequoia (Doug Leone, Partner), Cyberstarts (Lior Simon, Partner), and Redpoint Ventures (Logan Bartlett, Managing Director). This brings Cyera's total funding to $160 million.
Cyera uses AI-powered tech to revolutionize data security and provide greater visibility over sensitive data.
With the new funds, Cyera plans to invest in engineering talent and R&D to enhance its platform. They aim to expand their capabilities beyond the data security posture management market and secure data in code repositories, communication channels, and on-premises.
3. Reka, an AI research and product company, raised $58 million in funding, led by DST Global Partners and Radical Ventures (Rob Toews, Partner), with participation from strategic partners like Snowflake Ventures and several angel investors.
Reka focuses on building generative AI models for the benefit of humanity, organizations, and enterprises.
With the funds, Reka plans to continue advancing AI research, building generative models, and developing enterprise-grade AI assistants. They aim to expand their product offerings to support a wide range of data types and improve model efficiency. The funding will also be used to acquire computing power and build a business team.
4. Flywheel, a medical imaging data and AI platform, raised $54 million in Series D funding, co-led by Novalis LifeSciences LLC (Marijn Dekkers, Founder) and NVIDIA's venture capital arm NVentures (Mohamed Siddeek, Head of NVentures), with participation from Microsoft and existing investors.
Flywheel helps healthcare organizations streamline medical imaging data management and leverage it for research and AI development.
With the funding, Flywheel plans to fuel its growth in the public sector healthcare and pharmaceutical markets. It will also expand into other markets such as providers, payers, system integrators, and software companies interested in using their data for AI development. Additionally, the funding will support the company's global expansion, particularly in Europe.
5. NoTraffic, a provider of an autonomous traffic management platform, raised $50 million in Series B funding, led by M&G Investments, with participation from VNV Global, UMC Capital, and existing investors.
NoTraffic uses AI and edge computing to transform signalized city intersections into fully automated hubs.
With the funding, NoTraffic plans to accelerate its growth by expanding production, investing in research and development, and increasing sales in new global markets such as Japan, Italy, Germany, and the UK. The aim is to bring their innovative traffic management solution to more cities worldwide, reducing travel times, CO2 emissions, and improving safety.
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👀 More Reading:
AI-made drug starts human trials (Semafor)
Baseball Scouts Call In Artificial Intelligence Help From the Bullpen (The Wall Street Journal)
🌎 Fresh Content
1. Bots have been a growing problem on the internet since its inception. But recent innovations in AI tech have made this problem exponentially worse. It’s never been easier to mass-produce extremely convincing AI bots. A theory dubbed “The Dead Internet Theory” states that most of the internet is, in fact, AI bots. ColdFusion dove into this theory and speculated on how true it might be as well as how it might evolve in the coming months and years. (YouTube)
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