Zuckerberg's Raid, AI Startup Struggles
27 March 2024: AI hype faces reality check, Zuckerberg's DeepMind talent raid, AI reshapes beer taste, UK's power demand surges, Twitter expands Grok.
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Latest in AI,
1 Minute Roundup
AI startup euphoria dims: leadership shuffles, financial strains, and strategic redirections underscore a stark reality.
Zuckerberg personally woos DeepMind talent to strengthen Meta's AI.
Foundational secures $8M for AI-powered data platform code analysis.
AITRICS's Vitalcare raises $21M, promising revolution in patient care.
Fieldguide's $30M boost to tackle the CPA & advisory industry's talent crunch.
Tennr's $18M round aims to shake up healthcare communication with AI.
Abstract Security's fresh approach to analytics management secures $8.5M.
iKala raised $20.8M Series B+ to drive AI transformation in Asia.
Sprints.ai's $3M funding to address the tech talent gap in MEA.
Cyera's $300M round sets a new benchmark in AI-driven cybersecurity.
0G Labs raised $35M pre-seed for AI blockchain innovation.
AI reshapes beer brewing, promising enhanced flavours.
UK's AI surge will skyrocket electricity demand
MatX ventures into AI chip innovation, challenging Nvidia's dominance.
Twitter broadens AI chatbot Grok access to X Premium users.
Vibrant Planet leverages AI for advanced land management solutions.
Adobe's Firefly Services bring AI magic to content creation.
Beautiful.ai survey shows that 41% of managers favour AI for cost cuts.
Headlines
AI Startup Struggles: When the Hype Meets Reality
The AI hype train seemed unstoppable, with startups raising billions and luminaries proclaiming the technology's extreme potential. However, recent developments suggest euphoria may lag as some prominent players face hurdles.
Brain Drain: Inflection.AI co-founder Mustafa Suleyman leaves for Microsoft, de-prioritising consumer chatbot Pi after a $1.3 billion raise.
Leadership Changes: Stability AI's $1 billion CEO Emad Mostaque steps down, hinting at challenges battling "centralised AI" giants.
Revenue Woes: Cohere, founded by ex-Googlers, generates only $22 million in annualised revenue despite operating since 2019.
Zuck's AI Talent Raid: Personal Emails Lure DeepMind Researchers
In a bold move to bolster Meta's AI ambitions, CEO Mark Zuckerberg is going the extra mile to recruit AI top talent. Reports suggest he's been personally emailing researchers at Google's DeepMind, emphasising AI's importance to Meta and enticing them to join his team.
Personal Touch: Zuckerberg writes to candidates about AI's significance at Meta, hoping they'll collaborate with him.
Streamlined Hiring: Meta offers jobs without interviews and eases salary negotiations for competing offers.
AI Supremacy: With 340,000 Nvidia AI chips coming, Meta aims to outmuscle rivals like OpenAI.
AI Deals
Foundational launched with $8M seed funding, led by Viola Ventures and Google's Gradient, to offer AI-powered code analysis for data platforms.
AITRICS, a Seoul-based medical AI company, raised $21M in Series B funding led by Premier Partners, BNH Investment, and BSK Investment. The company’s Vitalcare solution predicts patient deterioration.
Fieldguide raised $30M in Series B funding, led by Bessemer Venture Partners, to enhance its AI platform. By automating manual tasks, Fieldguide aims to solve the CPA and advisory industry talent shortage.
Tennr, an AI startup revitalising fax machines in healthcare, raised $18M in Series A led by a16z. It automates manual tasks like patient referrals and insurance communication, promising faster patient care and reduced administrative errors.
Abstract Security emerges with an AI-powered platform for security analytics management, raising $8.5M in seed funding led by Crosslink Capital, Rally Ventures, and Liquid 2 Ventures.
iKala raised $20.8M in Series B+ funding, led by Chunghwa Telecom, to enhance AI R&D and expand in Japan and Southeast Asia. The company aims to become Asia's top AI transformation solution provider.
Sprints.ai, an Egypt-based ed-tech, raised a $3M bridge round led by Disruptech Ventures, aiming to solve the tech talent gap in MEA with guaranteed hiring programs.
Cyera, a cybersecurity startup focusing on AI-enhanced tools for enterprise data protection, is closing a $300M funding round led by Coatue, boosting its valuation to $1.5B.
0G Labs, a Web3 infrastructure firm, has raised an impressive $35M in a pre-seed round to develop a modular AI blockchain.
Others
Using AI to Improve Beer Taste
Scientists used artificial intelligence to study different Belgian beers' chemical makeup and flavour profiles.
By analysing beer composition and taste ratings data, the AI models could suggest changes to enhance beer's overall taste and appreciation, including non-alcoholic varieties.
UK's AI Boom to Increase Electricity Demand Sixfold in a Decade
The UK's electricity demand from data centres is projected to increase sixfold over the next 10 years due to the surge in artificial intelligence and computing power needs.
National Grid is considering a new ultra-high-voltage network to manage the increased demand, with potential costs reaching £112 billion.
MatX: A Bold Silicon Valley Startup Reviving Chip Innovation
Former Google engineers founded a $25M venture, MatX, to create specialised AI chips. The chips target large language models (LLMs) used by OpenAI and others and aim for 10x performance over current Nvidia GPUs.
Twitter/X Premium Users Get AI Chatbot Access
All X Premium subscribers will gain access to the AI chatbot Grok, expanding from the previously exclusive availability to Premium+ users.
This move aims to boost subscriber numbers and retain users amidst declining platform usage and advertising revenue challenges.
Vibrant Planet AI-Powered Land Management for Climate Resilience
Vibrant Planet offers AI-powered real-time collaboration for land mapping solutions, moving away from outdated paper maps and aiding in better land management and preparation for climate events like wildfires.
Adobe Unveils Firefly Services for AI-Powered Content Creation
Adobe introduced Firefly Services, offering enterprise developers over 20 generative and creative APIs. These APIs enhance content creation and enable new solutions by leveraging AI features from Creative Cloud tools like Photoshop.
AI in the Workplace: Concerns and Opportunities
A Beautiful.ai survey of over 3,000 managers revealed that 41% aim to replace workers with AI to cut costs, 48% expect financial benefits, and 45% foresee reduced salaries due to decreased human labour needs. Additionally, 40% believe teams could function well without human employees.
Despite concerns about AI impacting job security and wages, 64% of managers see AI as potentially more productive than experienced managers, with 66% already using AI to enhance efficiency.
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