AI startups outpace traditional tech, Meta launches smart glasses with translation, Cerebras files IPO to challenge Nvidia, and Google rolls out Gemini Live for Android.
Artificial Intelligence news, week 40/2024
Happy Thursday everyone!
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News 🗞️📰
AI Startups Outpace Traditional Tech in Revenue Growth
AI startups are achieving revenue milestones faster than previous tech waves, with companies hitting $30 million in annualized revenue within 20 months, five times quicker than past SaaS firms. Driven by high demand for generative AI and the need to cover substantial compute costs, these startups are building innovative products that customers are eager to adopt, making this a unique investment opportunity for venture capitalists
Meta Ray-Ban Glasses to Feature Real-Time Translation.
Meta announced new AI features for their Ray-Ban smart glasses, including real-time translation through the glasses' speakers. Initially supporting languages like Spanish, French, and Italian, this feature aims to break down language barriers, with plans to expand to more languages in the future.AI Chipmaker Cerebras Files for IPO to Challenge Nvidia in AI Hardware Market.
Cerebras Systems, an AI chip startup founded by Andrew Feldman in 2016, has filed for an IPO with plans to trade under the ticker "CBRS" on the Nasdaq. Cerebras' WSE-3 chip offers more cores and memory than Nvidia’s H100. Major investors include Foundation Capital, Benchmark, and Sam Altman.Google Gemini App Now Offers Live Feature for All English Users on Android
Google's Gemini app has officially launched the Gemini Live feature for all users on Android in English. This free update allows users to engage in real-time conversations, explore topics, and brainstorm directly with Gemini.
OpenAI plans to double ChatGPT's price, targeting $100 billion in revenue by 2029.
OpenAI plans to gradually increase the price of ChatGPT over the next five years, aiming to reach $100 billion in revenue by 2029. Internal documents show that the company’s revenue tripled to $300 million in August, driven by the rapid growth of ChatGPT, particularly its free version. Microsoft, which provides the computing power for OpenAI, is expected to participate in an upcoming funding round alongside other investors.75% of Startups in Y Combinator's S24 Batch Focus on AI.
Y Combinator’s Summer 2024 batch showcases the accelerator’s strong focus on AI, with nearly 200 startups—about 75% of the total cohort—working on AI-driven solutions. These companies are innovating across various sectors, from AI-powered robotics to software automation, highlighting the growing role of artificial intelligence in shaping future technologies.Alibaba and Nvidia Partner to Enhance Autonomous Driving with Advanced AI Models.
Alibaba Cloud and Nvidia are collaborating to integrate Alibaba's large language models (LLMs) into Nvidia’s Drive AGX Orin platform, enhancing autonomous driving systems for major Chinese electric vehicle makers like Li Auto and Zeekr. This marks the first integration of Alibaba’s AI technology into Nvidia’s automotive platform, improving in-car experiences with intelligent voice assistants and advanced driver assistance.
Funding 💼💸
Arcade, a San Francisco AI Platform, Raises $17M to Bring AI-Generated Products to Life.
Arcade, an AI-driven platform that turns user ideas into physical products, has raised $17M in funding. The platform allows users to create custom AI-generated designs, starting with jewelry, which can be purchased or shared. Founded by Mariam Naficy, the company attracted notable investors like Reid Hoffman, Ashton Kutcher, and Colin Kaepernick. Arcade aims to expand into other product categories later this year.Cologne-based Foodforecast Raises €3M to Optimize Food Supply Chain with AI.
Foodforecast, a German AI startup led by CEO Justus Lauten, has raised over €3 million to expand its food supply chain optimization technology across Europe. The funding round was led by Scalehouse Capital and Future Food Fund II. Foodforecast’s AI solutions reduce food waste by up to 30% and automate 90% of ordering processes, helping retailers improve efficiency and sustainability.Mindpeak Secures $15.3M to Expand AI-Powered Pathological Solutions
Hamburg-based Mindpeak, an AI-driven pathology solutions startup, secured $15.3 million in a Series A funding round. Led by CEO Felix Faber, the round was spearheaded by ZEISS Ventures and InnoVentureFund, with participation from AI.FUND and the European Innovation Council Fund. The investment will accelerate Mindpeak's expansion and commercialization of its AI solutions, which support cancer diagnostics and have already aided over 30,000 patient diagnoses.
Qodo Raises $40M Series A to Bring Quality-First Code Generation to Enterprise.
San Francisco-based Qodo, formerly known as CodiumAI, raised $40 million in a Series A funding round led by Susa Ventures and Square Peg. CEO and co-founder Itamar Friedman leads the company, which focuses on AI-driven code generation and testing.Mind Network Secures $10M in Pre-A Round to Advance FHE Technology for AI and PoS Networks.
Mind Network, a San Francisco-based company specializing in Fully Homomorphic Encryption (FHE) for AI and Proof-of-Stake (PoS) networks, has raised $10 million in a Pre-A funding round. Led by CEO Christian Pusateri, the round saw participation from notable investors including Animoca Brands, Arkstream Capital, and Cogitent Ventures, alongside angel investors like Mike Silagadze, CEO of Ether.fi.Neeve Secures $15M to Revolutionize Cloud Infrastructure for Smart Buildings
San Francisco-based Neeve, a cloud Platform-as-a-Service provider for smart buildings, has raised $15 million in a financing round led by Cantor Fitzgerald and RXR. CEO Nitesh Trikha leads the company, which aims to enhance cybersecurity, sustainability, and digital transformation in the real estate sector. Neeve's platform, currently deployed in over 650 buildings globally, helps integrate AI and edge technology, securing both new and legacy operational networks.
Convergence AI Raises $12M to Develop AI Agents with Long-Term Memory
Convergence AI, co-founded by CEO Marvin Purtorab and CTO Andy Toulis, has secured $12 million in a pre-seed funding round led by Balderton Capital, with participation from Salesforce Ventures and Shopify Ventures. The San Francisco-based startup is developing "Proxy," an AI agent equipped with long-term memory to handle various tasks across different workflows.
M&A 💰
Nvidia Acquires OctoAI for $250M to Strengthen Enterprise Generative AI Solutions.
Nvidia has acquired Seattle-based OctoAI for $250 million, marking its fifth acquisition in 2024. Led by CEO Luis Ceze, OctoAI specializes in generative AI tools with a focus on AI model deployment and optimization. This acquisition enhances Nvidia's enterprise AI offerings, allowing the company to provide a more flexible, hardware-agnostic AI infrastructure.Innovery Joins NEVERHACK Group to Accelerate Expansion in Southern Europe and Americas.
Innovery, an Italian cybersecurity consulting firm owned by Wise Equity, has joined the French cybersecurity group NEVERHACK. . Led by CEO Gianvittorio Abate, Innovery brings its expertise in cybersecurity and IT solutions to over 200 clients across various industries.Douugh to Acquire US-Based Fintech Platform R-DBX.
Douugh is acquiring R-DBX, a US-based fintech specializing in data management solutions. While the acquisition price remains undisclosed, Douugh plans to leverage this deal to expand its embedded finance services, particularly in the US. Douugh's offerings include AI-powered credit decisioning and automated money management.
Interesting Reads 💡🤔
AI Chrome Extensions Are Taking Over: Here Are 8 to Boost Your Productivity by 10x.
AI Chrome extensions are now leading the charge, surpassing ChatGPT in utility and convenience. From auto-generated YouTube summaries to AI-powered writing tools, these extensions help streamline your workflow and enhance efficiency.How to Use ChatGPT-o1 Preview for Best Results.
OpenAI’s ChatGPT-o1 series, including ChatGPT-o1 Preview and ChatGPT-o1 Mini, is designed for deep reasoning and complex problem-solving. The Preview model excels in high-accuracy tasks with extensive background knowledge, while the Mini model is faster and ideal for coding, math, and science. To get the best results, keep prompts simple, avoid chain-of-thought prompting, use delimiters, and limit external context. Perfect for tasks like research, coding, and data analysis, these models will enhance productivity across various fields.How to Create AI Images: A Complete Guide with Expert Tips and Tools
This guide walks you through the process of creating AI-generated images using tools like Dall-E, Leonardo AI, and Canva's Magic Media. You'll find recommendations for the best programs based on your needs, tips for writing effective prompts, editing advice, and the importance of crediting AI-created images.
What is AI Conversion Rate Optimization (CRO) and How Can It Help Your Business?.
AI Conversion Rate Optimization (CRO) uses artificial intelligence to analyze user behavior and improve website conversions, like purchases or sign-ups. This guide explains how AI-powered CRO can save money, boost efficiency, and scale your marketing efforts. Discover methods like automated A/B testing, AI chatbots, and hyper-personalization to increase conversion rates, along with real-world examples and practical advice on integrating AI tools into your business.
Tools 🧰🛠️
Topapps.ai: The Ultimate AI tool search engine. Their experts meticulously review, curate, and categories AI tools to make sure you can quickly find the perfect AI tools for your specific needs.
NotebookLM: Although we’ve discussed Google NotebookLM on several occasions, they’ve now added the functionality to upload a YouTube URL. This means you can now input a video URL, and it will generate a podcast with two hosts, just like it did previously with other text and audio sources.
Open NotebookLM: Similar to Google’s NotebookLM, Open NotebookLM is an open-source tool that allows you to convert your PDFs into podcasts. The key difference? It supports multiple languages, not just English. With advanced AI models like Llama 3.1 405B and MeloTTS, you can easily transform the text content of your PDFs into audio, making it perfect for multilingual listeners.
Kling has introduced "Motion Brush," a feature that lets users add specific movements to elements within an image and generate videos based on these trajectories. Users can control up to six elements simultaneously and keep certain areas static to prevent unwanted motion.
The Forge: Build AI-Powered Apps Without Coding. The Forge enables anyone to easily create, share, and monetize AI-based applications without writing a single line of code. Whether you’re building for personal use or selling on the marketplace, The Forge offers tools like templates, versioning, and easy publishing via web or API.
Uncody: AI website builder helps you create an engaging, professional website effortlessly. Simply describe your business, and the AI generates copy and a responsive design. Customize with an intuitive editor and publish your site globally with one click. Features like Magic Write assist in generating perfect copy, and personalizing your brand style has never been easier.
AI Jobs 👩💻👨💻
Senior AI/ML Engineer (Upwork) - Europe - Remote
Senior Machine Learning Engineer (Pachama) - San Franciso, CA - Remote - $106,155 USD to $168,500 USD
Staff Machine Learning Engineer, Marketing Technology (AirBnB) - Pay Range $204,000—$259,000 USD - This position is US - Remote Eligible.
AI Infrastructure Sales Rep (Oracle) - $85,000 to $147,600 per year. May be eligible for equity. Eligible for commission with an estimated pay mix of 50/50.
Principal Machine Learning Engineer (Twilio) - Remote - Colombia
NTV Highlights 🪩🎉
During this days, Next Tier Ventures is participating in the Zebra Startup Fest in Zaragoza, one of the events for startups and investors in Spain. This year, the event will focus on innovation and entrepreneurship, featuring an impressive lineup of speakers and a strong presence from the investment community
Also, in October 23rd and 24th, we will participate in the VDS, one of the leading tech events in Southern Europe, where Next Tier Ventures is part of the organizing team. This year, the event will be heavily focused on Artificial Intelligence, featuring a stellar lineup of international speakers.
The VDS will host around 15,000 attendees at an unparalleled venue, the City of Arts and Sciences in Valencia, where nearly 600 speakers and over 700 investors with more than $1 billion in assets under management will participate.