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The FTC is coming after OpenAI
⚡ Today’s Highlights
📰 News: The FTC is investigating OpenAI
💰 Funding: Causaly, HawkEye 360, Simbe, and Nomic AI
🦾 Tools: Creating APIs is a breeze with AI
📰 Today's Top Stories
(7 min read) (Source: POLITICO)
TLDR: The FTC has launched an investigation into OpenAI to determine if the company engaged in unfair or deceptive practices that may have caused consumer harm, violated privacy or data security, or made inaccurate or disparaging comments through its chatbot, ChatGPT.
The FTC's scrutiny of OpenAI and the AI industry is driven by the agency's mandate to protect consumers and ensure fair competition. It underscores the need for transparency and accountability in the development and deployment of AI technologies.
While the investigation is still in its early stages and could last for over a year, the details disclosed so far provide insights into the FTC's focus and may serve as a warning to other AI developers regarding potential regulatory action.
If the investigation reveals unfair or deceptive practices, OpenAI and similar companies could face restrictions on the future use and development of AI models, potentially impacting the industry as a whole.
(8 min read) (Source: The Wall Street Journal)
TLDR: Google is expanding its generative AI chatbot, Bard, by adding support for conversing in 43 additional languages and making it available in Europe and Brazil. The move aims to compete with OpenAI's ChatGPT and Microsoft's Bing, which pose threats to Google's search business.
The expansion of Bard's language capabilities could help Google win support among European policymakers as they finalize AI regulations. However, tech companies have raised concerns about overly prescriptive rules proposed in the draft regulations, such as requiring the elimination of biases from AI models and disclosure of copyright material.
Google has addressed privacy concerns raised by European regulators by implementing additional privacy features in Bard, including prominent explanations and notifications about data usage and the option for users to opt-out.
(5 min read) (Source: TechCrunch)
TLDR: Stability AI, the company behind Stable Diffusion, has launched Stable Doodle, a sketch-to-image service that uses AI to generate visually appealing images from sketches. It offers more precise control over image generation compared to other sketch-to-image AI tools.
Powered by the Stable Diffusion XL model and Tencent's T2I-Adapter control solution, Stable Doodle analyzes the outlines of sketches and combines them with prompts to generate images. It currently supports 14 styles of art.
Stable Doodle aims to cater to professionals and beginners, allowing them to generate high-quality original images quickly. Stability AI sees it as a valuable tool for designers and illustrators, helping them save time and maximize efficiency in their work.
(3 min read) (Source: CNBC)
TLDR: Chinese regulators have introduced new rules governing generative AI, marking the country's first comprehensive regulation in this field. The rules, effective from August 15, require generative AI services available to the public to obtain licenses, adhere to security measures, and align with the "core values of socialism."
Concerns about potential risks and content that goes against Beijing's views have prompted Chinese tech firms to focus on enterprise applications rather than public services. The rules provide a framework for technology giants to operate within the generative AI space.
💰 Funding Alerts
1. Causaly, a leading AI platform for biomedical research, raised $60M in Series B funding led by ICONIQ Growth (Caroline Xie, General Partner), with participation from Index Ventures (Carlos Gonzalez-Cadenas, Partner), Marathon Venture Capital, EBRD, Pentech Ventures, Visionaries Club, and strategic individuals.
Causaly's unique AI platform revolutionizes the Life Sciences research process by reshaping how data is discovered, analyzed, and applied, accelerating the journey from bench research to the launch of life-changing therapies.
The funding will be used to extend Causaly's product lead, expand commercial relationships, and enable faster breakthrough therapeutic innovations in drug discovery and development.
2. HawkEye 360, a defense tech company specializing in space-based radio frequency data/analytics using AI + ML, secured $58M in funding in a Series D-1 round led by BlackRock (Matt Singer, Managing Director), with participation from Manhattan Venture Partners (Jared Carmel, Managing Partner) and existing investors.
The funds will be used to develop new space systems, expand analytics capabilities, and invest in artificial intelligence, data fusion, and multi-intelligence orchestration to enhance radio frequency data analysis and simplify insights for customers.
3. Simbe Robotics, a company using AI and robotics to enhance retail operations by providing real-time insights into inventory and operations, raised $28 M in a Series B equity financing round led by Eclipse (Lior Susan, Founding Partner & Jay Knafel, Partner).
The funding will be utilized to accelerate global expansion and drive product innovation, focusing on advancing their autonomous inventory robot, Tally, and improving their business intelligence platform to deliver higher quality data and deeper insights for partner retailers.
4. Nomic, an AI startup that aims to make powerful AI models and tools accessible to all, raised $17M in a Series A funding round led by Coatue (Sri Viswanath, Partner), with participation from Contrary Capital, Betaworks Ventures, and other investors such as Naval Ravikant, Clement Delangue, Lukas Biewald, Amjad Masad, and Sabrina Hahn.
The company plans to use the funds to expand their team, improve product development, and enhance the explainability and accessibility of AI. They are focused on democratizing access to AI models and boosting the visibility of datasets used in model training.
🦾 Trending Tools
Presentations.ai helps you create stunning decks with the help of ChatGPT. With AI-powered design assistance, brand consistency, and responsive templates effortlessly transform your ideas into presentations. Focus on the content and let AI take care of formatting and design.
Conektto is an AI-powered API design platform that simplifies and enhances the API development process. Features include generative design, code assistance, and testing capabilities. Teams with product managers, architects, developers, testers, and DevOps can collaborate to simplify the API lifecycle and drive innovation.
Canvs is an AI-powered platform that turns open-ended text into actionable knowledge. Built so researchers and CX professionals can get deep consumer insights by uncovering topics, themes, and emotions in seconds. Gain a deeper understanding of your customers and save valuable research time
AngelList’s Projector can now elevate your fund's portfolio management with AI-powered scenario modeling, market data, and transparent reporting. Visualize projected performance, optimize follow-on strategies, and streamline fund management in one user-friendly platform.
Nekton.ai improves productivity by automating day-to-day tasks with AI. Describe your workflow in plain language, and Nekton AI will convert it to code and execute it in the cloud.
👀 More Reading:
How McDonald’s is serving up generative AI innovation (VentureBeat)
Learn a Foreign Language Before It’s Too Late (The Atlantic)
How an “AI-tocracy” emerges (MIT News)
Artificial intelligence is already changing how teachers teach (The Washington Post)
🌎 Fresh Content
1. Michael Siebel and Dalton Caldwell of Y Combinator discuss the opportunities and challenges posed to founders by the AI revolution. Some startups are jumping on the AI bandwagon and some are solving real-world problems with AI. Meanwhile, most giant firms are trying to change the world forever with AGI. Will giants like OpenAI kill all startups? (YouTube)
2. Joe Brew, epidemiologist, data scientist, and CEO of Hyfe AI, joined the Artificial Intelligence Podcast to explore the transformative potential of AI in healthcare, the role of continuous monitoring, and the intriguing concept of Acoustic AI. (Spotify)
Harness the power of ChatGPT to venture into the realm of predictive risk management. This prompt will escort you through its core concepts and their applications to your business. It aids in constructing an AI and machine learning-enabled strategy for detecting risks and proposing proactive solutions. Tailor this prompt to your business for a more precise risk assessment.
AI-Driven Predictive Risk Management
Prompt: "ChatGPT, can you guide me through predictive risk management and illustrate how it can be beneficial to my business? Also, please help me devise a predictive risk management strategy that incorporates AI and machine learning to spot existing & impending risks and suggest pre-emptive measures. Start by asking questions to understand different facets of my business for a tailored approach."