The Business Of AI
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📈 OpenAI’s $60M punt!

📈 OpenAI’s $60M punt!

The Latest AI News

Adam Smith
August 09, 2024

Coming up this week:

- OpenAI: $60M Punt
- Meta: Celeb AI Voice Deals
- AI News: 30% Of AI Projects Fail
- Anthropic: OpenAI’s Schulman joins Anthropic

And much more… Learn how these unfolding narratives are shaping The Business of AI.

FEATURED STORY 🔥

OpenAI Pumps $60M into Webcam Company Opal for AI-Enabled Devices

OpenAI is spearheading a $60 million funding round for Opal, a company primarily known for its high-end webcams. This investment indicates OpenAI's intent to extend its reach from software to hardware, specifically AI-enabled devices.

Opal is shifting its focus towards creating these devices, which are being marketed as "creative tools". The specifics of these AI tools are yet to be disclosed, but they are expected to find applications in content creation and other creative fields. This move is in line with the growing trend of incorporating AI into consumer electronics.

OpenAI's investment underscores the rising significance of specialized hardware in the AI landscape. The venture could potentially disrupt the creative technology market, pushing for more AI-centric innovation.

TRENDING STORIES 🔥

Meta Negotiates Voice Deals with Celebrities

Meta is offering millions to stars like Awkwafina and Judi Dench to use their voices in AI tools, aiming to unveil these features at Meta Connect. Negotiations face challenges over terms and usage rights, reflecting broader industry debates on AI and celebrity involvement.

Gartner reports that by the end of 2025, 30% of generative AI projects will be abandoned post-proof of concept due to issues like poor data quality, high costs, and unclear business value. This forecast was highlighted at the Gartner Data & Analytics Summit in Sydney.

John Schulman has left OpenAI to join Anthropic, focusing on AI alignment through hands-on work. Additionally, OpenAI president Greg Brockman is on extended leave, and product manager Peter Deng has also exited. Only three of the original 11 founders remain at OpenAI.

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Credit

EYE OPENING NEWS 🧠

Mistral AI Launches New Customization Features

Mistral AI introduced enhancements for its language models on La Plateforme, including easier customization of models like Mistral Large 2 and Codestral. Users can now fine-tune models with specific data, improving application integration and performance. Additionally, an early version of Agents and a stable client SDK were released.

Intel Missed Early Stake in OpenAI

In 2017-2018, Intel considered investing $1 billion for a 15% stake in OpenAI but declined. The decision, influenced by skepticism about AI's market readiness, cost Intel a significant opportunity as OpenAI's value soared with the launch of ChatGPT. Intel's AI market position remains challenged.

Amazon Music Introduces AI-Powered Podcast Discovery

Amazon Music has launched a new AI feature called Topics, enabling users to find podcasts by browsing episodes based on specific subjects. This tool analyzes podcast transcripts and descriptions to suggest relevant content, enhancing discovery and accessibility for listeners seeking tailored audio experiences.

Analyzing Misuse of Generative AI Technologies

New research by Google and partners reveals how generative AI is currently being misused, including impersonation and fraud. By examining media reports, the study categorizes common misuse tactics and strategies, aiming to enhance AI safety measures and governance. This insight assists in developing more robust protections against AI exploitation.

Elon Musk Renews Legal Battle Against OpenAI

Elon Musk has filed a new lawsuit against OpenAI, accusing co-founder Sam Altman and others of deceit and breaching their founding agreement. This legal action, filed in northern California, alleges that OpenAI shifted from a non-profit to a for-profit model, contradicting their original mission. Musk seeks to recover what he claims are ill-gotten gains.

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FUNDRAISING 🤑

Black Forest Labs Secures Seed Funding

Black Forest Labs, co-founded by creators of Stable Diffusion, raised seed funding to enhance open visual AI models. They focus on the initial development phase, enabling better end-user applications. Their open-source approach continues, promoting broader use and innovation in AI.

Groq Secures $640M for AI Inference Expansion

Groq, a leader in AI inference technology, has raised $640 million in a Series D funding round, valuing the company at $2.8 billion. This investment will support Groq's expansion and the deployment of over 100,000 LPUs through GroqCloud, enhancing its AI product offerings.

ProRata.ai Secures $25M for AI Revenue Sharing

ProRata.ai, an AI startup, raised $25 million in Series A funding to develop a subscription-based AI chatbot. The company, led by Bill Gross, plans to share subscription revenue with content partners like Universal Music and The Atlantic, aiming to ensure fair compensation for content used by AI technologies.Read More

Botrista Secures $120M, Boosts Beverage AI

Botrista has raised a total of $120 million, enhancing its AI-driven beverage platform. This funding will expand their market reach and innovate restaurant drink menus, meeting the rising demand for diverse, high-margin beverages.

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