Artificial Intelligence News: AI will add $15 trillion to the global economy (according to Gartner) by 2030. This fast-moving, technological breakthrough is powering the next industrial revolution and will disrupt the global economy in unforeseen ways. The DailyAlts AI channel tracks the latest developments, capital flows, technological advancements, and other influences that will transform the 2020s.
Slope, a two-year-old AI startup based in San Francisco, has secured a substantial $30 million equity round led by Union Square Ventures and featuring participation from OpenAI’s CEO, Sam Altman. This brings the startup’s total funding to an impressive $187 million.
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New York-based AI startup Hugging Face has secured a significant investment of $235 million in a funding round, driving its valuation to $4.5 billion. Notable contributions came from major tech players such as Google (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), Nvidia (NASDAQ: NVDA), Salesforce (NASDAQ: CRM), AMD (NASDAQ: AMD), Intel (NASDAQ: INTC), IBM (NYSE: IBM), and Qualcomm (NASDAQ: QCOM). The company’s focus is on creating tools for AI developers to openly share and test their work, akin to GitHub’s role in the programming realm.
Nvidia (NASDAQ: NVDA), the leading technology company and chip-maker, has reported record-breaking sales, more than doubling due to high demand for its artificial intelligence (AI) chips. In the three months ending June, revenue surpassed $13.5 billion, driven by strong performance in its data center business, particularly AI chips.
The Los Angeles Police Department (LAPD) has announced a new initiative to utilize artificial intelligence (AI) in analyzing body camera videos to evaluate officers’ language and tone during traffic stops. The goal of this project is to determine whether police language can sometimes unnecessarily escalate encounters with the public. The study, which will span three years, will involve researchers from the University of Southern California (USC) and other institutions.
Genesis Therapeutics, an AI drug discovery company, has secured a $200 million Series B funding round to advance its AI-powered drug development pipeline into clinical testing. Founded in 2019 as a spinoff from Stanford University, Genesis focuses on utilizing its deep learning platform called GEMS to design small-molecule drug compounds and predict their interactions with the body, particularly with flexible or challenging proteins.
Artificial Intelligence: AI Will Guide India’s Chandrayaan 3 Lunar Lander To The Moon’s Surface On August 23
On August 23, Chandrayaan 3, a lunar lander mission by ISRO (Indian Space Research Organization), will attempt to land on the Moon using AI-controlled computer logic. The landing process, scheduled for 18:04 hours, will be managed entirely by the onboard AI system, without any manual interventions from ISRO scientists. The AI system is responsible for navigation, guidance, and control during the 15-minute descent phase.
In an article in the Financial Times, author Patti Waldmeir discusses her use of an AI device named “Pearl” to manage her diabetes. Pearl is an AI-powered insulin pump that helps regulate her blood glucose levels by predicting fluctuations and administering insulin as needed. Waldmeir calls this pump her new artificial pancreas.
David Ferrucci, the AI scientist behind IBM Watson, has secured nearly $60 million in funding for his New York-based AI startup, Elemental Cognition. The company, founded in 2015, sold $59.95 million in equity to 17 investors and plans to raise an additional $5.75 million.
The demand for graphics processing units (GPUs) in the tech industry, particularly for artificial intelligence (A.I.) applications, has led to a desperate search for these essential components. Start-ups and investors are going to great lengths to obtain GPUs due to their role in powering A.I. products that analyze vast amounts of data. The scarcity of GPUs began when the rise of A.I., fueled by chatbots like ChatGPT, created a surge in demand, causing a shortage in the market.
The year’s most significant initial public offering (IPO) centers around Arm Ltd., a lesser-known company despite its integral role in the tech world. Arm, headquartered in Cambridge, UK, specializes in designing key components for the chips powering nearly all smartphones globally. It was acquired for $32 billion by SoftBank (TYO: 9984) in 2016 and delisted from the London Stock Exchange.
Julie Lloyd, a 65-year-old stroke survivor, is making strides towards regaining her ability to walk independently, all thanks to a cutting-edge AI-powered garment. She is a participant in the pioneering trial of the “smart garment” known as “NeuroSkin,” which employs AI-controlled electrodes to stimulate her paralyzed leg.
South Korean telecommunications company SK Telecom (KRX: 017670) (SKT) has invested an additional $100 million in AI safety and research firm Anthropic, building on a previous investment by SKT’s venture capital arm. The companies have formed a partnership to develop a multilingual large language model (LLM) tailored for the telecommunications industry.
Serve Robotics Inc., the well-known autonomous sidewalk delivery company, has revealed a significant step in its growth strategy, announcing a successful financing round that secured $30 million in funds. This funding brings the total capital raised by Serve to more than $56 million since its inception in 2021.
Artificial Intelligence: Chinese Internet Companies Place Billions Of Dollars’ Worth Of Orders For Nvidia AI Chips
China’s internet giants, including Baidu (HKG: 9888), ByteDance, Tencent (HKG: 0700), and Alibaba (HKG: 9988), are aggressively purchasing Nvidia (NASDAQ: NVDA) chips valued at $5 billion to build generative artificial intelligence systems. This rush is fueled by concerns that the US might impose new export controls.
A new high-tech microscope utilizing AI technology has been developed to detect malaria in returning travelers. Malaria, caused by Plasmodium parasites, results in millions of illnesses and hundreds of thousands of deaths annually.
Disney (NYSE: DIS) has established a task force to explore the applications of artificial intelligence (AI) across its entertainment conglomerate, including Walt Disney Studios, theme parks, television, and advertising. This move comes amidst concerns within the Hollywood industry about the potential exploitation of AI, with writers and actors recently going on strike over these issues.
The Department of Homeland Security (DHS) is utilizing facial recognition technology, including Clearview AI, to address and solve thousands of cold cases related to child exploitation. In a recent operation, initiated by a request from U.K. police, the DHS Homeland Security Investigations (HSI) unit employed facial recognition to identify a man and an infant in a sexually explicit video. This led to the identification of Scott Barker, who was subsequently arrested and charged with child exploitation.
AI technology is being considered for use by Canadians representing themselves in court to improve their legal success. Specially trained generative AI could assist in reviewing court cases, drafting legal documents, and suggesting next steps.
Tractian, a leading industrial IoT and enterprise asset management software company, has secured $45 million in growth capital. The funding, led by General Catalyst and involving existing investor Next47 and strategic angels like Ronan de Hooge and Ron Gill, aims to transform the work of maintenance professionals through their hardware-software solution. With over 1,000 industrial plants using Tractian’s asset monitoring system, the company is set to expand its customer base and invest in technological innovation for maintenance operators.
Uber Technologies Inc. (NYSE: UBER) is currently in the process of creating an AI-powered chatbot to be seamlessly integrated into its app, aligning with the growing trend among companies to leverage language tools for enhancing customer service, marketing, and other automated functions.
Canadian startup Tenstorrent, led by chip industry veteran Jim Keller, announced that it has secured $100 million in funding from Hyundai Motor Group, Samsung’s (KRX: 005930) investment fund, and other investors. Prior to this round, Tenstorrent had already raised $234.5 million and achieved a valuation of $1 billion. The company aims to challenge Nvidia (NASDAQ: NVDA), the leading provider of AI chips for products like ChatGPT.
Artificial Intelligence: AI-Empowered Screening For Breast Cancer Can Halve Radiologists’ Workload (Study)
The world’s most comprehensive trial on the use of artificial intelligence (AI) in breast cancer screening has yielded promising results, suggesting that AI is safe and can reduce the workload of radiologists by almost 50%. Breast cancer is a significant global health issue, affecting over 2.3 million women annually. Early detection through screening can improve prognosis and reduce mortality rates.
Google (NASDAQ: GOOGL) has launched the Google for Startups Women Founders Fund, a fund dedicated to supporting female-founded startups in the Asia-Pacific region, where women often face challenges in business. The fund will provide $100,000 in equity-free cash to six startups this year, focusing on India, Japan, and South Korea initially, and later expanding to other Asia-Pacific markets.
Amazon Web Services (AWS) and Accel have announced ML Elevate 2023, a six-week accelerator program to empower Indian startups building generative AI applications. Selected startups will receive access to impactful AI models, technical and business mentorship, resources, and up to USD 200,000 in AWS Credits.