Salesforce Expands AI Fund to $1B, Apple Prepares AI Features in iOS 18, JPMorgan Deploys AI Tool for 140K Workers, and OpenAI Launches o1 Reasoning Model
Artificial Intelligence news, week 38/2024
Happy Thursday everyone!
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News 🗞️📰
Salesforce Ventures doubles AI commitment to $1bn with new fund
Salesforce Ventures has launched a second $500m AI fund, doubling its total AI investment to $1bn. This follows strong results from its initial AI investments in startups like Anthropic, Mistral, and Cohere. The new fund aims to continue supporting AI-driven innovations, expanding Salesforce's AI ecosystem.
OpenAI releases o1, its first model with ‘reasoning’ abilities
OpenAI has introduced o1, its first AI model focused on reasoning, along with a smaller, more affordable version called o1-mini. Both models are designed to handle complex queries like coding and multistep math problems. The o1-preview offers enhanced problem-solving abilities but is more expensive and slower than GPT-4o, while o1-mini provides a less costly alternative with similar reasoning capabilities. Both models aim to improve accuracy and reduce hallucinations through a "chain of thought" process, making them ideal for tasks that require step-by-step reasoning.
Apple prepares for AI with iOS 18, macOS Sequoia, and more
Apple's latest updates, including iOS 18 and macOS Sequoia, are laying the groundwork for upcoming AI features. Starting with iOS 18.1, Apple will introduce its "Apple Intelligence" tools, offering AI-summarized notifications, typing to Siri, and writing assistants. While these initial features will be available soon, advanced capabilities like image generation and ChatGPT integration are expected in future updates, signaling Apple's focus on incorporating generative AI across its devices.
Runway launches new video-to-video AI tool
RunwayML's new video-to-video AI tool allows users to upload real-world videos and transform them with AI using text prompts or preset styles. This upgrade from previous versions offers greater control over video aesthetics and motion, making it easier to apply effects or create new environments in existing footage.
Slack's new AI-powered assistant aims to streamline your work week
Slack is launching several AI-powered features next month, including "Agentforce," an AI assistant that can provide status updates, draft emails, and even roleplay sales scenarios. Additionally, new AI tools like "Huddle Notes" will summarize real-time audio and message threads, while the upgraded "Workflow Builder" automates tasks like sending welcome messages. An improved search engine will offer deeper insights by pulling data from various sources. These features are designed to improve efficiency and streamline workflow, with Agentforce available in beta soon.
Meta to Train AI Using Public UK Content
Meta will use public content from UK Facebook and Instagram users to train its AI models, reflecting British culture and history. The company has improved transparency after regulatory feedback, ensuring no private messages or data from under-18 users are used. UK users will be notified and can opt out of data use for AI training.
JPMorgan Chase to Equip 140K Workers with AI Tool
JPMorgan Chase is rolling out its AI assistant, LLM Suite, to 140,000 employees, aiming for up to $2 billion in AI-driven efficiency gains, especially in fraud prevention. The bank is optimizing operational processes with AI as part of its broader technology modernization and cloud migration strategy. JPMorgan's leadership, including newly appointed tech chief Sri Shivananda and chief data officer Teresa Heitsenrether, is driving these AI initiatives.
Funding 💼💸
AI Pioneer Fei-Fei Li Raises $230M to Launch World Labs Focused on 3D Spatial Intelligence
Fei-Fei Li, the "godmother of AI," has secured $230 million for her startup World Labs, aiming to develop AI that understands the 3D physical world. The company, co-founded with leading computer vision researchers, focuses on "spatial intelligence" for future applications in augmented reality (AR), virtual reality (VR), and robotics. Major investors include Andreessen Horowitz, New Enterprise Associates, and Nvidia, with Li continuing her work at Stanford while growing the startup.
Strider Technologies raises $55M to expand AI-driven global intelligence platform
Strider Technologies, founded by CEO Greg Levesque, has secured $55 million in Series C funding led by Pelion Venture Partners. Strider’s AI platform helps organizations protect against nation-state threats.
VidLab7 raises €3.5 million to enhance AI-driven sales media platform
Munich-based startup VidLab7 has secured €3.5 million in seed funding, led by EQT Ventures. CEO Fabian Beringer heads the company, which specializes in AI-powered synthetic media for sales teams. VidLab7’s platform allows users to create personalized video avatars and content, designed to improve customer conversion and enhance sales processes by integrating with CRM systems.
Timefold raises €6 million to advance AI-powered scheduling platform
Ghent-based Timefold, led by CEO Maarten Vandenbroucke, secured €6 million from Lakestar and Smartfin. The startup develops "PlanningAI," an AI-driven platform optimizing large-scale scheduling for industries like transportation and emergency services.
Cybord raises $8.7 million to scale AI component inspection
Cybord secured $8.7 million in Series A funding, led by Capri Ventures. The startup, headed by CEO Oshri Cohen, uses AI to inspect electronic components for quality and authenticity in real-time, helping prevent defective parts from entering products. The funds will be used to expand globally and enhance the company's AI-driven inspection solutions across industries like automotive, aerospace, and health.
Wealth.com raises $30 million to expand AI-driven estate planning platform
Wealth.com, an AI-powered estate planning platform, raised $30 million in a Series A round led by GV (formerly Google Ventures). CEO Rafael Loureiro leads the company, which aims to modernize estate planning with technology that integrates AI and human expertise. The funds will accelerate product innovation and growth, positioning Wealth.com as a leader in estate planning solutions for financial advisors and wealth management firms. Additional investors include Citi Ventures, Outpost Ventures, and 53 Stations.
TeamBridge, founded by former Uber execs, raises $28M to build HR software for hourly workers
San Francisco-based TeamBridge, founded by ex-Uber execs Arjun Vora and Tito Goldstein, secured $28 million in a Series B round led by Mayfield. The platform automates HR tasks and offers self-service tools for hourly workers. The funds will go toward product development and growing their team.
11x secures $24M Series A funding led by Benchmark to build AI-powered digital workers
San Francisco-based AI startup 11x, founded by Hasan Sukkar, raised $24 million in Series A funding led by Benchmark. 11x develops autonomous digital workers that automate Go-to-Market (GTM) tasks, such as sales and marketing operations. Its AI tools, like "Alice" and "Jordan," streamline tasks like sales prospecting and lead qualification for companies.
C/side raises $6M to prevent supply chain attacks by securing third-party scripts
Cybersecurity startup C/side raised $6 million in a seed round led by Uncork Capital. The company, founded by CEO Simon Wijckmans, focuses on securing browser-side third-party scripts, a common attack vector in software supply chains. C/side’s AI-driven detection engine neutralizes malicious scripts in real-time, protecting websites and apps. The funds will accelerate product development and team expansion.
Supermaven raises $12M from OpenAI and Perplexity co-founders
AI coding assistant Supermaven, founded by Jacob Jackson, secured $12 million in funding led by Bessemer Venture Partners. The platform, which has grown 3x since its February launch, uses its in-house AI model “Babble” to optimize developer workflows, offering a low-latency experience for large codebases.
M&A 💰
Team.blue acquires majority stake in Metricool for over €100 million, expanding digital services in Spain. Team.blue, a Belgian digital services giant backed by Hg Capital, CPPIB, and Sofina, has acquired a majority stake in Spanish social media management company Metricool for over €100 million. Axon Partners retains a minority stake, while founders Juan Pablo Tejela and Laura Montells stay involved, with Tejela continuing as CEO. Metricool's AI-powered tools help users create and manage social media content efficiently.
Typeface acquires Treat and Narrato to enhance multimodal AI capabilities for enterprise clients. Generative AI startup Typeface has acquired Treat and Narrato to expand its content creation capabilities. Treat, specializing in personalized AI-generated photo products, and Narrato, an AI-powered content management platform, will bolster Typeface’s offerings for enterprise clients. These acquisitions follow Typeface’s previous purchases of TensorTour and Cypher, reinforcing its focus on end-to-end content lifecycle transformation for businesses.
Akur8 acquires Arius to integrate AI-driven pricing and reserving solutions for insurers. Akur8 has acquired Arius, a P&C reserving software from Milliman, to strengthen its AI-driven insurance platform. Arius, used by 150 insurers and consultants, helps analyze reserves and estimate future losses. The acquisition aims to combine Akur8’s AI-powered pricing solutions with Arius’s reserving expertise, creating an integrated platform to improve actuarial practices and drive innovation. Milliman also increased its equity stake in Akur8 as part of the deal.
Board Intelligence acquires TeamEngine to expand AI-powered governance software. Board Intelligence, led by Co-CEOs Jennifer Sundberg and Pippa Begg, has acquired TeamEngine, a Swedish board software provider headed by CEO Anders Gröndahl. This acquisition strengthens Board Intelligence's AI-driven governance software and expands its global presence.
Interesting Reads 💡🤔
Bessemer’s investment strategies for the AI revolution (PDF). Bessemer Venture Partners' approach to investing in the AI revolution focuses on identifying and supporting AI-native startups. This report highlights their $1 billion commitment, strategies for capitalizing on foundational models, and the shift towards industry-specific (vertical) AI solutions. It also explores how AI is transforming data infrastructure, providing insights into the most promising opportunities in the AI space.
Walmart and Amazon reimagine retail with AI, finds GlobalData. Walmart and Amazon are leading the transformation of retail by integrating AI into their operations. Walmart focuses on enhancing in-store experiences with augmented reality and AI-driven management, while Amazon excels in personalization and autonomous systems. According to GlobalData, both companies' AI strategies are reshaping the retail landscape. Walmart has filed over 3,000 AI patents, and Amazon has over 9,000, driving innovations like virtual try-ons, Smart Factory AI, and automated transactions to improve customer service and operational efficiency.
How CEOs Are Using Gen AI for Strategic Planning. This article explores how business leaders, especially in small to medium-sized companies, are using generative AI (gen AI) tools like ChatGPT and Claude.ai for strategic planning. It highlights both the potential and limitations of AI in helping companies overcome biases, predict trends, and think outside their industry's typical scope.
The Workplace: AI Tools Enhancing Productivity. AI tools are transforming workplace functions like marketing, finance, product development, and HR. Key platforms include Jasper for marketing copy, Steve.AI for video creation, and MeetRecord for sales insights, showing how AI is streamlining tasks and improving efficiency across industries.
AI is changing e-commerce with virtual influencers. According to PitchBook's Emerging Tech Research report, investment in e-commerce product search technology tripled in Q2 2024. One emerging trend is the use of virtual influencers, offering brands more control over their image and reducing the risk of human error. Virtual personas are reshaping customer experiences, enhancing product discovery, and even extending into physical stores. As generative AI grows across the VC landscape, virtual influencers could be the next major breakthrough in e-commerce
Apollo: Enhancing audio quality in MP3-compressed music
Apollo restores audio quality in MP3-compressed music by using frequency band-splitting, sequence modeling, and reconstruction. Trained with a GAN, it outperforms other models, especially in complex music scenarios.Best AI Courses Online for Free [2024]. Simplilearn offers free AI courses covering key areas like machine learning, deep learning, and natural language processing. These courses are ideal for beginners and advanced learners, enhancing employability and adaptability in the growing AI-driven job market. The article emphasizes the importance of AI literacy for professional development and highlights future trends in AI-powered, personalized education.
Tools 🧰🛠️
Ultimate's AI-Powered Customer Support Automation. Ultimate's AI agents streamline customer support, automating over 80% of inquiries across channels like chat, email, and messaging. Starting with UltimateGPT for basic queries, companies can scale up to complex customer needs with the no-code Dialogue Builder and backend integrations. This allows for efficient, personalized interactions and improved customer satisfaction. With built-in analytics, businesses can optimize workflows and gain insights, leading to growth and better CX. Ultimate integrates seamlessly into any CRM and tech stack for rapid deployment and scalability.
DeepL: Precise Translations with PDF Support. DeepL offers high-accuracy translations across multiple languages and supports file formats such as PDFs for both input and output. Users can upload documents, including PDFs, and receive translated versions while preserving the original layout. DeepL ensures accurate and context-aware translations, making it ideal for complex documents like contracts, reports, or presentations. Its user-friendly interface allows for seamless translation workflows, catering to both personal and professional needs.
WrapFast: AI-Powered iOS App Boilerplate. WrapFast offers a comprehensive SwiftUI boilerplate for quickly launching monetizable AI-integrated iOS apps. It includes features like authentication, onboarding, in-app purchases, secure API key handling, cloud database integration, and analytics. The package saves hours of repetitive coding and accelerates app development, ideal for those aiming to launch multiple apps efficiently. Designed for both beginners and experienced developers, WrapFast provides lifetime updates, step-by-step tutorials, and advanced AI tools like OpenAI and Vision API for enhanced functionality.
NotebookLM: Your Personalized AI Research Assistant. NotebookLM, powered by Google's Gemini 1.5 Pro model, acts as your virtual research assistant by analyzing your uploaded documents. It provides source-grounded insights with in-line citations, ensuring your work is accurate and well-supported. Additionally, once your content is created, you can convert it into high-quality AI-generated audio where two voices, a man and a woman, discuss your notes. Rest assured, your personal data remains private unless you choose to share it.
Serra: AI-Powered Search Engine for Recruiters. Serra helps recruiters identify top inbound and outbound candidates through its AI-powered search engine. Integrated with ATS and platforms like GitHub and LinkedIn, it allows users to quickly find candidates based on specific skills, such as "Product managers with SaaS experience and UX design skills." Serra offers customizable dashboards, candidate fit prediction, and diversity metrics, ensuring an efficient hiring process.
AI Jobs 👩💻👨💻
Staff Engineer, Machine Learning - (Nagarro) - Fulltime / Remote
Senior ML Engineer, Search & Recommendation Relevance (Reddit) - Remote - United States - $216,700 - $303,400 USD
Staff Software Engineer, Machine Learning, Ads (Discord) San Francisco, CA (or Remote) - $246,000 to $270,400 + equity + benefits
Machine Learning Engineer Argentina / Mexico (MediaLab) – Data /Contractor- LATAM /Remote
Lead AI/ML Engineer, Algorithms & Research (Upwork) - Remote - from $186,000 - $279,000
NTV Highlights 🪩🎉
Next month, on October 2nd and 3rd, Next Tier Ventures will participate 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, on 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.