Generative AI Insurtech Sixfold raises US$6 5 Million in Seed Funding
VC Firms Tap Into Generative AI for New Wave of Investments
With recent funding of $19 million, the company plans to launch an AI dubbing tool later in the year, catering to the filmmaking industry and other creative markets. Synthetica Bio’s venture funding was led by Virtue, with participation from AIX Ventures, Page One Ventures, and additional strategic investors. Proceeds from the financing will support development and expansion of the Synthetica Bio platform. The platform will empower individuals and companies in the biopharma industry to reliably and securely access and analyze the massive streams of data that are overwhelming current data analysis techniques. Most of this funding went into projects focused on generative AI, i.e., artificial intelligence that generates new content based on large language models. Artificial intelligence is an epoch-defining technology, which - if deployed safely and responsibly - will revolutionise how we live and work.
About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. Salesforce has launched Salesforce Accelerator – AI for Impact, an initiative to help organisations access and use generative AI technologies. genrative ai Versions of AI technology such as customer service 'chatbots' are already widely used and Kainos has had an AI and data practice for several years which currently employs around 150 people. Google Cloud has emerged as the preferred platform for start-ups embarking on gen AI projects.
Visual AI: Potential and pitfalls
Set up in 2019, Cohere develops technology infrastructure that can be used by others to deploy AI-powered products such as chatbots and search engines, among others. "The innovative work by the AI21 Labs team will help enterprises accelerate productivity and efficiency with generative AI-based systems," said Jensen Huang, founder and CEO of Nvidia. Kainos will also be increasing its investment in partner organisations that are focused on researching the societal implications of Generative AI. Its experts will collaborate with academia and industry leaders to establish additional AI Research Centres across the UK to advance ethical and responsible approaches to developing AI solutions. Ensuring the ethical use of AI is a key focus for Kainos who established their data ethicist capability in 2022. Salesforce Ventures was launched in 2009 to help build an ecosystem around the corporate’s product and has so far invested some $5bn in total.
Moreover, model developers may face uncertain longer-term differentiation, as models are currently trained using similar datasets, architectures and approaches, and it may be difficult to prevent competitors from replicating any short-term advantages. Despite recent depressions in the tech sector, investments in generative AI startups have skyrocketed. According to Pitchbook, in 2022 globally, generative AI received $4.8B of funding across 375 deals, and in Q alone, received $1.7B across 46 deals. The allure of potential high returns and the belief that generative AI will disrupt multiple industries is creating a climate of speculative investing, which we expected to continue in the near future. The funding initiative, spearheaded by Lightspeed and bolstered by investments from distinguished angel investors including luminaries from AWS, OpenAI, Cloudflare, Postman, and Asana, underscores Portkey.ai’s vision for streamlined AI app development.
Tech Mentor Scheme Targets Gender Disparity in VC Funding
The funding round was joined by investors such as Salesforce, NVIDIA, Inovia Capital and Index Ventures. “The implications of AI’s enhancement of decision-making and creativity extend to complex areas like software development. AI can analyse expansive codebases, detecting potential bugs by recognising problematic code patterns. With the latest round, AI21 has raised a total capital of $283 million at a valuation of $1.4 billion, the company said.
Originally planned as a cohort of 10 startups, AWS went above and beyond by selecting 21 promising companies to receive funding, support, and valuable AWS credits. By empowering startups and research institutions, the Ignite Generative AI Innovation Hub seeks to facilitate breakthrough discoveries and accelerate the adoption of generative AI in practical applications. Participants receive access to Blackbaud resources, marketing opportunities and grant funding, and Blackbaud also works with the startup founders to design a plan for growth.
THE POWER OF BEING UNDERSTOOD
This includes the training of more than 1,000 team members in AI tooling and Copilots and the appointment of a new Generative AI Lead to drive initiatives and education across its internal business operations. Building on its long-term investment in AI, Kainos will harness the potential of Generative AI to foster innovation, elevate client experiences, and drive digital transformation for its clients. The organisation has a well-established Data & AI Practice, which has grown to more than 150 established experts, delivering work across complex organisations such as the United Nations, the Ministry of Defence and HelloFresh. Portkey.ai, with a robust global presence and a significant user base in the United States, envisions a future marked by enriched AI application development for its rapidly expanding customer portfolio.
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.
The future of generative AI holds immense promise, but it requires a delicate balance between technological advancements and remaining trustworthy. This can have implications in various areas, from audiobook narration to virtual assistants. However, concerns regarding the future of AI when it comes to consent, genrative ai and the potential misuse of voice synthesis technology need to be addressed proactively. Iain Brown PhD, Head of Data Science for SAS, Northern Europe, explores recent developments in AI and delves into the potential promises, pitfalls, and concerns around bias surrounding the future of generative AI.
Within the fund, we hold a mix of established companies that are engaged with or deploying AI, as well as newer companies that are using or developing AI applications. We aren’t solely focused on the enabling technologies of AI – this is important because non-tech areas like healthcare, financials and the consumer and industrial sectors are all beginning to harness the power of AI. The funding will be invested by the Foundation Model Taskforce in foundation model infrastructure and public service procurement, to create opportunities for domestic innovation. The first pilots targeting public services are expected to launch in the next six months. The latest funding round was led by Conviction VC, a privately backed multi-stage investor, and included investment from Microsoft.
Vimeo Launches AI-Powered Features
The concept of the Metaverse, while not riding the wave of popularity it was a year or two ago, is all the same, being transformed by generative AI. The technology’s ability to accelerate the design and development of complex 3D environments and lifelike avatars promises to reshape our digital interactions and experiences. Within the Metaverse, users can navigate virtual worlds, interact with others, and engage in various activities. Portkey.ai is enabling tech teams to fast track the build and deployment of generative AI apps in as little as 2 minutes. TOffeeAM is a cloud platform for optimising engineering component designs and simulating their thermo-fluid and structural performance. Using TOffeeAM’s intelligent generative design software, engineers can achieve greater levels of design complexity and efficiency, while eliminating lengthy trial and iteration processes.
But to Runway's credit, Gen-2 -- the follow-up to Runway’s Gen-1 model launched in February -- is one of the first commercially available text-to-video models. Runway's focus has gradually shifted over the years to generative AI, particularly on the video side. Its current flagship product is Gen-2, an AI model that generates videos from text prompts or an existing image. Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). Constructing a similar platform internally would entail months of effort, multiple iterations, and extensive expertise with LLMs, while Portkey.ai facilitates such readiness within a mere 2-minute timeframe.
Why are investors lured to AI investments?
Scriptic, the London based studio developing a dynamic catalogue of interactive phone-first shows and “pioneering” creative applications of generative AI in entertainment, today announces that it has secured an investment from Sony Innovation Fund. Over the past six months, over $40bn (£31bn) has been pumped into AI start-ups – a quarter of all start-up investment according to Pitchbook – and PwC says it has the potential to add $15.7tn (£12.1tn) to the global economy by 2030. The influence of AI is set to permeate every sector worldwide as its reach continues to accelerate and broaden, creating compelling investment opportunities. When parts of a proposal are fed into an online AI tool, the information becomes part of its training data. NIH worries about “where data are being sent, saved, viewed, or used in the future,” its notice states.
- Hozon Auto, a Chinese electric vehicle (EV) manufacturer, has raised CNY 7bn (USD 961m) in crossover or pre-IPO funding from unnamed investors.
- Some publishers and journals, including Science, are also banning their use by reviewers.
- On 23 June, NIH banned the use of online generative AI tools like ChatGPT “for analyzing and formulating peer-review critiques”—likely spurred in part by a letter from Siegle, who is at the University of Pittsburgh, and colleagues.
- Both founders had worked closely together on product development and go-to-market for the AI products built on top of LLMs.
One of the major business uses for generative AI is to automate or accelerate the development of software. While gen AI is still in its infancy, Google Cloud Next introduces an array of new and extended partnerships with pioneering startups in the gen AI domain. Noteworthy model-builders and researchers, including AI21 Labs, Anthropic, Character.AI, Cohere, Midjourney, and Osmo, are utilizing Google Cloud infrastructure, GPUs, and TPUs to develop and train models. Fundraisers who genrative ai use the site now do not have to use the AI service, but JustGiving said it hopes the technology will give fundraisers that do use it more confidence to share their pages across their social networks on and offline. This charity AI toolkit explains the key things any charity needs to think about and gives you questions to ask to find out if AI is a threat, or the opportunity it should be. It can also be copied and adapted by any charity to create their own AI Risk Register.
Sixfold’s innovative software allows its customers, such as Builders and Tradesmen’s Insurance Services (BTIS), to upload their own underwriting manuals and proprietary data. The system then employs generative AI algorithms to analyse the data and provide recommendations to underwriters as they review new applications. The funding round was led by Bessemer Venture Partners and included Crystal Venture Partners, according to exclusive information shared with Semafor. Most recently, OpenAI raised $300m at over $27bn valuation, which followed a $10bn investment from Microsoft in February this year. In November 2022, the San Francisco-based OpenAI started the generative AI race by launching ChatGPT. Aidan Gomez and Nick Frosst, two Canadian researchers who previously worked on artificial intelligence at Google, along with Toronto entrepreneur Ivan Zhang, founded Cohere.
You can find out about the latest P4 news on their website and we are still recruiting SMEs for future consulting projects – for more information, contact project coordinator Laurel Ye. Portkey.ai has built tools that allow businesses to monitor their language model operations (LLMOps), connect to multiple large language models (LLMs) efficiently, experiment, improve, and manage prompts effectively. Generative AI, a subfield of AI, focuses on teaching machines to create original content, such as images, videos, and text, that closely resembles human-generated content. This technology has far-reaching implications across various industries, including healthcare, entertainment, design, and more.