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OpenAI raises $175 Million to invest in startups

May 26, 2023

May 26, 2023

⚡ Today’s Highlights

  • 📰 News: OpenAI raises $175 Million to invest in startups and award grants

  • 💰 Funding: BenchSci, Fleet Space Technologies, Kira Learning, and Sixfold

  • 🦾 Tools: AI recruiting, intelligent knowledge base, and Automated Speech Recognition

📰 Today's Top Stories

(3 min read) (Source: Bloomberg)

TLDR: OpenAI has closed an investment fund worth over $175 million, as the AI startup continues to invest in other startups working in the field of artificial intelligence. The company aims to support companies that are pushing the boundaries of AI's positive impact on the world.

(4 min read) (Source: Reuters)

TLDR: OpenAI is awarding 10 grants worth $100,000 each to explore how AI software, like ChatGPT, should be governed in democratic processes to address bias. The focus is on frameworks for handling criticism of public figures and considering the "median individual" worldwide

(5 min read) (Source: TechCrunch)

TLDR: TikTok is testing its AI chatbot, Tako, allowing users to ask questions about videos and receive recommendations. It appears on the right-hand side of the interface, enhancing user engagement and content discovery.

(9 min read) (Source: Business Insider)

TLDR: Amazon is leveraging its long history in machine learning and an array of cloud products to approach business customers interested in generative AI. Their 12-page, internal sales playbook provides talking points, email templates, and strategies to position Amazon against competitors like OpenAI, aiming to inspire customers to leverage generative AI technology and host their AI software on AWS services.

(8 min read) (Source: The Wall Street Journal)

TLDR: Microsoft President Brad Smith supported the idea of establishing a new federal agency to license major artificial intelligence systems, joining the growing call for regulation in the industry to ensure AI benefits people and remains under human control.

💰 Funding Alerts

1. BenchSci, a world leader in AI solutions for drug discovery, raised $95 million in a Series D funding round led by Generation Investment Management (Anthony Woolf, Growth Equity Partner), with participation from Inovia Capital, TCV, Golden Ventures, and F-Prime Capital.

  • BenchSci is revolutionizing research in pre-clinical life sciences R&D.

  • The funds will be used to expand their groundbreaking AI platform ASCEND™, empowering scientists to discover biological connections, reduce trial-and-error experimentation, and uncover risks early in pre-clinical drug development

2. Fleet Space Technologies, a leader in satellite-enabled IoT connectivity, raised a $50 million in a heavily oversubscribed Series C funding round, led by Blackbird Ventures (Niki Scevak, co-founder and Partner), with participation from Grok Ventures, Alumni Ventures, Hostplus, TelstraSuper, Bondi Partners / The 1941 Fund, and Pavilion Capital.

  • The funds will be used to fuel Fleet's continued growth and global expansion, especially in North America. They aim to be a vital partner for exploration companies, enabling faster and more accurate location of critical transition minerals.

3. Kira Learning, an AI-powered platform for teaching and learning computer science, raised $15 million in a Series A funding round from existing investors NEA (Carmen Chang, Partner) and the AI Fund (Andrew Ng, General Partner and Kira Learning Chairman).

  • The funds will be used to support the national expansion of Kira Learning, further establishing computer science and AI as essential components of education.

4. Sixfold, raised $6.5 million in seed funding from Bessemer Venture Partners and Crystal Venture Partners, with Charles Birnbaum and Jeremy Levine from Bessemer Venture Partners and Jonathan Crystal and Stephen McGovern from Crystal Venture Partners involved.

  • Sixfold is an AI company focused on solving complex problems in the insurance industry using generative artificial intelligence.

  • The company aims to address the inefficiency of underwriting in the insurance industry by automating tedious tasks and improving the accuracy and traceability of underwriters' decisions.

🦾 Trending Tools

  • Humbird AI is the Silver Bullet Solution for Proactive Hiring. Streamline your recruitment process, find the perfect fit with AI-powered matching, and nurture talent relationships. Revolutionize talent acquisition and propel your organization's growth.

  • Deepgram’s API Playground lets you explore and test Deepgram's Automated Speech Recognition capabilities effortlessly. Get answers, sample code, and validate your use cases. Empowering developers, AI engineers, and data scientists.

  • Pigro, is the easy way to find answers from your organization's knowledge base effortlessly. No lengthy setup required, Pigro learns automatically from your existing content. Multilingual, industry-independent, and fully integrated. Elevate your knowledge base with Pigro.

  • Glasp AI is a free GPT powered-Chrome Extension for knowledge curators. Capture online content with colorful highlights, tag, search, and share. Discover, connect, and deepen your understanding.

  • Emberly is a note-taking and mind-mapping tool that streamlines your learning experience. Organize your thoughts, files, and bookmarks in one place. With AI Writing Assistant, AI Quiz, and Discussion Simulator, Emberly AI takes learning to new heights.

👀 More Reading:

🌎 Fresh Content

1. Get an inside look at the AI supercomputer infrastructure built to run ChatGPT and other large language models directly from Microsoft. Learn how Microsoft partnered with NVIDIA to deliver purpose-built AI infrastructure, Azure's AI supercomputer is helping companies around the world with their workloads.

2. Two Minute Papers breaks down Google’s AI chat assistant Bard vs OpenAI’s ChatGPT after all the recent updates to both. It was clear that initially ChatGPT was far superior to anything that Google had developed, however in just a few short months, despite some stumbles, Bard has reduced the gap and in some aspects surpassed the abilities of ChatGPT.

🧠 Resources

Today’s prompts aim to assist you with marketing strategy formulation.

Our objective is to simplify complex tasks and boost your productivity. Regardless of your familiarity with AI, give these prompts a try and share your thoughts. We're eager to learn from your experiences! Bear in mind, these prompts are mere starting points. Customize them to suit your unique needs and rigorously evaluate the responses to assure their accuracy and value.

Industry-Specific Marketing Strategies

  • Utilize ChatGPT's capability to offer insights into innovative marketing strategies by analyzing the practices of industry leaders in your business domain.

  • "Acting as a marketing analyst, could you scrutinize the strategies used by successful companies in my industry and suggest innovative techniques that I could implement? Be prepared to ask more about my industry to provide relevant suggestions."

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