• Monday • May 27, 2024

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    Reuters

    Elon Musk’s xAI valued at $24 bln after fresh funding

    The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday.

    Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race. The company’s pre-money valuation was $18 billion, Musk said in a post on X, opens new tab.

    The money will be used to take xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said. “There will be more to announce in the coming weeks,” Musk said in another X post, in response to the announcement of the funding.

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  • Monday • May 13, 2024

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    Reuters

    OpenAI unveils new AI model as competition heats up

    GPT-4o is Capable of Realistic Voice Conversation and Able to Interact Across Text and Image

    ChatGPT maker OpenAI said on Monday it would release a new AI model called GPT-4o, capable of realistic voice conversation and able to interact across text and image, its latest move to stay ahead in a race to dominate the emerging technology. New audio capabilities enable users to speak to ChatGPT and obtain real-time responses with no delay, as well as interrupt ChatGPT while it is speaking, both hallmarks of realistic conversations that AI voice assistants have found challenging, the OpenAI researchers showed at a livestream event.

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  • Tuesday • May 7, 2024

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    Bloomberg

    DeepMind Alumni Raise $200 Million Round for Holistic AI

    Round Split Between Equity and Convertible Debt, Sources Say, As the Startup Wants to Develop AI with Memory and Decision-Making

    Holistic AI, a new startup in Paris working to leapfrog other generative AI models, has closed the first tranche of a $200 million initial financing round, according to people familiar with the deal.

    Investors agreed to put in $80 million in equity and $120 million in convertible debt, chiefly for buying computing power, said the people who asked not to be identified because the details aren’t yet public. They said the founding round values the company at $370 million.

    The startup, formed by a group of scientists who recently left DeepMind, Google’s artificial intelligence lab, has audacious aims. It’s working to develop “multi-agent” models, a process where a number of AI systems interact with one another. The deal for the months-old startup marks continued intense interest in companies pushing forward in AI, with investors willing to take a bet on founding teams based on their employment history as much as their proposed product.

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  • Tuesday • May 7, 2024

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    Industry News Source

    New AI search engine Upend emerges from stealth, powered by 100 LLMs

    As Google and Microsoft Revamp Their Search Engines Smaller Players Are Going in All to Challenge Them With Their AI-First Offerings

    Upend, a Canadian startup that has just emerged from stealth to empower students and professionals with gen AI search driven by some of the best large language models (LLMs) out there.

    Upend started out as a summer project by Jeevan Arora from the University of Toronto School. After a positive initial response, he evolved it into a full-fledged platform that enterprise teams can sign up for. It works very much like Perplexity, which many believe currently leads the space when it comes to AI search (with 169 million monthly queries).

    “My goal is to make advanced gen AI models more affordable, thereby democratizing access and ensuring everyone can harness the tools of tomorrow,” the CEO noted in a statement.

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  • Wednesday • May 1, 2024

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    Wall Street Journal

    AI Startup CoreWeave Nearly Triples Valuation to $19 Billion in Five Months

    Nvidia-backed company raises $1.1 billion from investors including Fidelity, Magnetar Capital

    CoreWeave, a cloud-computing startup backed by Nvidia NVDA 0.74%increase; green up pointing triangle, nearly tripled its valuation to $19 billion in a new funding round that highlights booming demand for the cutting-edge systems that power artificial intelligence. The $1.1 billion funding round was led by Coatue, and follows a round about five months ago that valued seven-year-old CoreWeave at $7 billion.

    The New Jersey-based company rents out chips housed in data centers across the U.S. that customers use to create and deploy AI systems. It is part of a new crop of companies offering cloud-computing tailored for AI, setting it apart from big tech companies such as Microsoft and Amazon, which offer a wider range of cloud services.

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  • Thursday • February 29, 2024

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    Industry News Source

    Mistral AI Makes Waves with Deals Across Tech Giants Including Microsoft, IBM

    Paris-Based Startup Mistral AI Has Cemented Itself as a Rising Star in the Artificial Intelligence World

    Paris-based startup Mistral AI has cemented itself as a rising star in the artificial intelligence world, landing major partnerships with IBM, Microsoft, and others just months after its founding.

    The fledgling company is moving fast to commercialize its state-of-the-art natural language processing models and conversational AI capabilities. Mistral unveiled its flagship commercial model, Mistral Large, on Monday through a deal with Microsoft to offer it via the Azure cloud platform. This makes Mistral only the second provider after OpenAI to offer a commercial large language model on Azure.

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