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OpenAI Seeks $90 Billion Valuation in Possible Share Sale, WSJ Says

Leave a Comment / Artificial Intellegence, Story, Tech Story / By Sandhya Gupta

In a move that could reshape the landscape of artificial intelligence (AI) development, OpenAI is reportedly in talks with investors regarding a potential share sale that could value the cutting-edge startup at a staggering $80 billion to $90 billion.

This groundbreaking development, revealed by the Wall Street Journal on Tuesday, cites insider sources familiar with the matter. The proposed deal, as disclosed by those close to the discussions, aims to allow existing OpenAI employees to cash in on their shares, rather than the company opting to issue new shares to generate additional capital. This strategic move not only provides a lucrative opportunity for OpenAI’s workforce but also positions the company as a key player in the fiercely competitive AI industry.

Representatives from OpenAI have already commenced discussions with potential investors, presenting the deal’s terms. However, it’s essential to note that the reported terms are subject to change, and negotiations are still in progress. The startup’s decision to opt for a share sale rather than conventional fundraising avenues suggests a unique approach to fueling its growth trajectory.

OpenAI, the brainchild behind the highly acclaimed ChatGPT, has been at the forefront of AI innovation, consistently pushing the boundaries of what is achievable in the field. The potential valuation of $80 billion to $90 billion is a testament to the company’s standing in the industry and its promise for future advancements.

While this move could signify a significant financial boost for OpenAI, it also raises questions about the company’s future plans and the potential impact on the development of AI technologies. Investors are likely to closely scrutinize the terms and conditions of the proposed share sale, evaluating the risks and rewards associated with investing in a venture of this nature.

As of now, OpenAI has not provided an official statement or response to queries from Reuters, leaving the industry and the public eager for further details. The outcome of these negotiations could potentially position OpenAI as one of the most valuable AI startups globally, shaping the trajectory of the industry and influencing the direction of future technological advancements. As the talks unfold, the tech world watches closely, anticipating the next chapter in OpenAI’s remarkable journey.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Amazon to Invest as Much as $4 Billion in AI Startup Anthropic

Leave a Comment / Artificial Intellegence, Story, Tech Story / By Sandhya Gupta

Amazon has announced a significant investment of up to $4 billion in the cutting-edge artificial intelligence startup, Anthropic.

This move is part of Amazon’s strategic efforts to stay competitive in the rapidly evolving field of AI and cloud computing, where it faces stiff competition from rivals like Microsoft and Google.

Under the terms of the deal, Amazon’s employees and cloud customers will gain early access to Anthropic’s advanced AI technology, enabling them to integrate it into their businesses. Anthropic, headquartered in San Francisco, has also committed to relying primarily on Amazon’s cloud services, including using Amazon’s proprietary chips for training its future AI models.

In a joint interview, the CEOs of Amazon’s cloud division and Anthropic revealed that the initial investment would amount to $1.25 billion. Additionally, both parties have the option to trigger an additional $2.75 billion in funding from Amazon at a later date. However, specific details about Amazon’s ownership stake in Anthropic and the startup’s updated valuation remain undisclosed. Amazon emphasized that it would not acquire a board seat and that its stake would constitute a minority position.

This investment marks Amazon’s most significant response to the AI advancements made by its competitors, particularly Microsoft and Alphabet’s Google. Microsoft has been investing billions in its partnership with OpenAI since 2019, providing its customers with exclusive access to OpenAI’s innovative text and image generation technology. Google, on the other hand, has been at the forefront of AI development and previously invested in Anthropic during its $450 million fundraising round in May.

The collaboration between Amazon and Anthropic is expected to drive demand for AI-related hardware, including chips essential for AI applications. Anthropic has agreed to collaborate with Amazon on developing technology for Amazon’s in-house Trainium and Inferentia chips.

This investment demonstrates the ongoing efforts of major cloud companies to establish ties with AI startups reshaping the industry landscape. These partnerships are crucial for staying ahead in the fiercely competitive AI and cloud computing market.

Also Read: Amazon Prime Video Content to Include Ads Starting Early 2024

As Amazon intensifies its focus on AI through its investment in Anthropic, the tech giant aims to enhance its position in the AI race, competing head-to-head with industry leaders such as Microsoft, Google, and others. The outcome of this strategic partnership will likely have a significant impact on the future of AI technology and its integration into Amazon’s extensive range of services.

As the tech world continues to evolve, Amazon’s investment in Anthropic showcases the company’s commitment to staying at the forefront of technological innovation and delivering cutting-edge solutions to its customers. With the potential to shape the future of AI, this partnership marks a pivotal moment in the ongoing battle for supremacy in the cloud and AI space.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

AI Startup Corti Raises $60 Million to Take on Microsoft in Health Care

Leave a Comment / Artificial Intellegence, Story, Tech Story / By Sandhya Gupta

Copenhagen-based startup Corti has secured a substantial $60 million in funding to further advance its mission of revolutionizing the healthcare industry through AI technology.

The investment was led by Prosus Ventures and Atomico, with participation from previous backers Eurazeo, EIFO, and Chr. Augustinus Fabrikker. Although the company has remained tight-lipped about its valuation, its remarkable growth in customers and usage speaks volumes about its impact in the sector.

Just two years ago, Corti raised $27 million in a Series A round when it was assisting in 15 million consultations annually. Now, the company proudly serves 100 million patients each year, with its AI assistant being utilized a staggering 150,000 times daily. This translates to approximately 55 consultations daily across Europe and the United States. Corti boasts that its tools can enhance healthcare workers’ accuracy in outcome predictions by up to 40% while making administrative tasks 90% faster.

Corti’s innovative AI service is often described as an “AI co-pilot” for healthcare professionals, covering various areas of patient care. It assists in triaging during patient interactions, documents entire interactions, offers in-depth analysis to guide decision-making, provides second opinions, and generates real-time and post-meeting notes to identify areas for improvement and clinician training.

Corti’s success reflects the growing adoption of AI in healthcare, particularly after the COVID-19 pandemic highlighted the need for efficient and accurate medical support. The startup has attracted a diverse range of customers, including emergency services in Seattle, Boston, and Sweden, as well as numerous hospitals and medical services.

Unlike some competitors that rely on existing AI models, Corti has taken a unique approach by developing its own AI models and components. Notably, the company has not employed in-house medical experts to avoid introducing bias into its system. Instead, Corti engaged researchers to fine-tune its AI, resulting in a more responsive and functional platform.

Also Read: Solana Co-Founder: To Keep the Next Great American Founder in America, Congress Must Regulate Crypto. But First Lawmakers Should Learn How it Works.

While initial skepticism and concerns about job replacement were common when Corti first launched in 2018, the broader acceptance of AI, epitomized by technologies like ChatGPT, has paved the way for more productive conversations. Corti aims to make AI in healthcare a mundane and indispensable part of the industry, steering clear of the contentious debates about its role.

Despite differing opinions on the impact of AI in medicine, Corti’s funding round signals a commitment to improving healthcare efficiency and provider capabilities. With the support of visionary founders Andreas Cleve and Lars Maaløe, Corti is poised to redefine the patient and healthcare experience, ultimately enabling more personalized, preventative, and proactive medicine in a rapidly evolving industry.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Solana Co-Founder: To Keep the Next Great American Founder in America, Congress Must Regulate Crypto. But First Lawmakers Should Learn How it Works.

Leave a Comment / Founder, Story, Tech Story / By Sandhya Gupta

Anatoly Yakovenko, the co-founder of Solana and CEO of Solana Labs, recently shared his perspective on the importance of Congress regulating cryptocurrency to foster innovation and retain talented entrepreneurs in the United States.

Born under Soviet rule in modern-day Ukraine, Yakovenko moved to America at the age of 11 and has since been a champion for open and accessible technology. Yakovenko’s journey from a young immigrant to a successful entrepreneur mirrors the American dream, but he worries that regulatory hurdles are driving away the next generation of innovators in the blockchain space. In his view, Congress should take proactive steps to create a regulatory framework that both protects consumers and encourages entrepreneurship.

The blockchain revolution has spawned thousands of entrepreneurs with ambitious projects, many of whom are challenging corporate giants in industries like wireless networks, ridesharing, food delivery, and social media. However, building a blockchain company in a compliant manner is a complex and expensive process, dissuading young founders from pursuing their dreams in the U.S.

Yakovenko highlights the alarming decline in the number of open-source blockchain developers in the U.S., dropping from 42% in 2018 to 29% in 2022, emphasizing the urgent need for regulatory clarity to prevent this talent drain.

While acknowledging the need to combat scams and protect consumers, Yakovenko argues that the entire blockchain industry should not be punished for the actions of a few bad actors. Instead, he calls for a regulatory framework that fosters innovation while maintaining American values.

In July, two Congressional committees advanced legislation aimed at creating regulatory frameworks for digital assets and stablecoins, a bipartisan effort that Yakovenko applauds. While these bills may not be perfect, he urges Congress to move forward with them and continue refining the regulatory landscape.

Beyond legislation, Yakovenko emphasizes the importance of government investment in blockchain research and development, citing historical examples of technologies like GPS and the internet that were initially incubated by the U.S. government. He urges policymakers to experiment with blockchain technology and explore ways to harness its potential for public benefit.

Also Read: Intel CEO Says the Chipmaker’s Technology Is Central to AI Boom

Yakovenko concludes by inviting an open conversation between blockchain entrepreneurs and policymakers, advocating for collaboration to shape a regulatory framework that not only protects consumers but also encourages innovation and keeps talented founders building in America.

As the blockchain industry continues to evolve, Yakovenko’s insights underscore the critical role that Congress and government institutions must play in ensuring that the United States remains a hub for technological innovation and entrepreneurship in the digital age.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

IBM Commits To Train 2 Million in Artificial Intelligence in Three Years, With a Focus on Underrepresented Communities

Leave a Comment / Artificial Intellegence, Story, Tech Story / By Suhani Jain

IBM today declared an initiative to teach two million students in artificial intelligence by the end of the year 2026, having a concentration on neglected areas, to help reduce the worldwide artificial intelligence (AI) capabilities imbalance. To accomplish this objective on a worldwide basis, IBM is offering new generative AI courses via IBM SkillsBuild, extending AI education partnerships with institutions across the world, and working with collaborators to provide AI training to adults worldwide. This will build upon IBM’s current initiatives and platforms for career development to provide improved availability for technical positions and in-demand AI education.

The latest global research by the IBM Institute of Business Value found that CEOs believe that the implementation of artificial intelligence and automation will necessitate the reskilling of forty percent of their employees throughout the next three years, primarily those working in entry-level roles. This serves as another evidence that generative AI is generating a need for new positions and expertise.

“AI skills will be essential to tomorrow’s workforce,” said Justina Nixon-Saintil, IBM Vice President & Chief Impact Officer. “That’s why we are investing in AI training, with a commitment to reach two million learners in three years, and expanding IBM SkillsBuild to collaborate with universities and nonprofits on new generative AI education for learners all over the world.”
finance.yahoo.com

IBM is working with institutions all around the world to develop their AI capabilities by utilizing IBM’s network of professionals. University professors will have a chance to attend IBM-led training, which includes certifications after completion of immersive skilling experiences and lectures. Additionally, IBM will offer course materials, including self-guided artificial intelligence (AI) learning paths, for instructors to utilize in the classroom. IBM will provide students with adaptable and flexible resources, including free online courses in generative AI as well as Red Hat open-source tools, along with academic instruction from academics.

Learners worldwide may have access to AI education through IBM SkillsBuild, which IBM specialists established to deliver the most recent cutting-edge technological breakthroughs.

Also Read: Google Tweaks Ad Auctions to Hit Revenue Targets, Executive Says

IBM SkillsBuild already provides free training in chatbots, the basics of AI, and important subjects like AI ethics. Coursework and improved features are included in the latest generative AI plan.

Along with workshops, expert interactions with IBM coaches along mentors, learning through projects, availability of IBM software, specialized assistance from partners during the learning procedure, and connections to employment prospects, the improved partner edition of IBM SkillsBuild may also contain these features.

Suhani Jain

I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person

Drone Startup Shield AI Valued at $2.5 Billion in New Funding Round

Leave a Comment / start-up, Story, Tech Story / By Deepshikha

In a groundbreaking development for the autonomous drone technology sector, Shield AI, a startup specializing in military applications, is set to raise an impressive $150 million in funding.

Sources familiar with the discussions have revealed that this latest round of financing will value the company at an impressive $2.5 billion. While Shield AI has not officially commented on this news, it marks a significant milestone in the company’s journey.

Shield AI is renowned for its innovative software, Hivemind, which essentially acts as a self-driving pilot for aircraft without the reliance on communications or GPS. This unique technology enables drones to operate seamlessly in situations where interference from enemy forces could otherwise disrupt navigation. Such capabilities have garnered Shield AI multiple contracts with the US military, solidifying its position as a key player in the defense technology landscape.

Notably, earlier this year, Shield AI made headlines by announcing a strategic partnership with aerospace giant Boeing Co. The collaboration aims to expedite the integration of Shield AI’s autonomous aircraft software into military applications, underscoring the growing importance of autonomous systems in modern warfare.

Shield AI’s journey began in 2015, when it was founded by Ryan Tseng and his brother, Brandon Tseng, a former Navy SEAL who now serves as the company’s president. Alongside them, Andrew Reiter, a technical fellow at the company, contributed to the development of their groundbreaking technology. Shield AI quickly emerged as a star in the defense technology sector, attracting significant attention and venture capital investments.

The startup’s impressive growth trajectory has been supported by several high-profile investors, including Andreessen Horowitz, Point72 Ventures, and Snowpoint Ventures. These investments have not only fueled Shield AI’s research and development efforts but have also positioned the company as a leader in autonomous drone technology.

Also Read: T-Mobile to Buy Up to $3.3 Billion of Airwaves From Comcast

The $2.5 billion valuation is a testament to Shield AI’s dedication to pushing the boundaries of autonomous technology. It reflects the growing recognition of the strategic importance of such innovations in modern defense and security operations. As conflicts evolve, autonomous drones like those developed by Shield AI are becoming essential tools for gathering critical intelligence and executing missions while minimizing risks to human personnel.

In conclusion, Shield AI’s latest funding round signifies a major milestone in the development of autonomous drone technology for military applications. With a valuation of $2.5 billion, the company is poised to continue driving innovation in the defense technology sector, ensuring that cutting-edge autonomous systems become an integral part of the modern military arsenal. The partnership with Boeing and continued support from investors further solidify Shield AI’s position as a frontrunner in this rapidly evolving field.

Deepshikha

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