💡Big moves in the world of #AI: Playground pulls in $40M to revolutionize computer graphics, and Meta’s Threads emerges as a potential Twitter rival!
🚀 Get the in-depth analysis in our latest #Frontnow - AI Insights!
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Welcome to this week's edition of Frontnow - AI Insights. As always, we bring you up-to-the-minute happenings and developments in the fascinating world of artificial intelligence. This week, we delve into the economic surge of generative AI, the triumphs and trials of social media giants, and the existential threats that AI potentially poses to democracies worldwide.
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This week, the generative artificial intelligence startup community was thrilled by two major AI startup acquisitions and three large AI funding rounds. Databricks acquired MosaicML for $1.3 billion, while Thomson Reuters purchased Casetext for $650 million. Inflection raised $1.3 billion, Runway raised $141 million, and Typeface raised $100 million. These acquisitions are a testament to the value that old-guard companies see in generative artificial intelligence. Casetext's success was especially fueled by its partnership with OpenAI and its recent implementation of ChatGPT in its product. While investors often place reckless valuations on startups, purchasing a company for $650 million in cash is a credible indicator of high value. These acquisitions also demonstrate that building on top of ChatGPT can lead to the creation of great businesses. MosaicML's acquisition by Databricks is also significant, as it has the potential to become an IPO vehicle for the AI hype.
Playground has successfully raised $40.8M to drive innovation in computer graphics and create intelligent models. Their confident plan is to commence with image processing, aiming to achieve state-of-the-art capabilities and empower individuals to create beyond their previous limitations. The plan encompasses developing a modern graphics editor, advancing research in computer vision, constructing multi-task models, and enabling an exponential increase in the number of people capable of creating.
More than 150 executives from major European companies, including Renault, Heineken, Airbus, and Siemens, have voiced strong criticism against the recently approved Artificial Intelligence Act of the European Union. They assert that the Act could negatively affect competition and technological sovereignty. The executives are particularly concerned about the legislation's stringent rules targeting generative AI systems, which could lead to AI providers withdrawing from the European market altogether. They are urging EU lawmakers to reconsider the rigid compliance obligations for generative AI models and instead adopt a risk-based approach that accommodates broader principles. Additionally, these companies demand that the EU establishes a regulatory body of AI industry experts to oversee the application of the AI Act as the technology evolves.