AI Overtakes Fintech in LATAM, Adoption in UK Banking Doubles, and Secures 1 in 3 VC Dollars

Artificial Intelligence news, week 41/2024

Happy Thursday everyone!

Welcome to AI Weekly Digest 📬 Your essential AI briefing, carefully curated by me, Rubén Colomer, AI Specialist and GP at Next Tier Ventures.
Stay ahead of the curve with the latest AI breakthroughs, key funding news, innovative tools, thought-provoking reads, and the best AI job opportunities - it's all here!

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News 🗞️📰

• Venture Capital in LATAM: $1.1B Raised in the First Half of 2024, with AI Leading the Way. Endeavor México and Glisco Partners released a report showing that despite global macroeconomic challenges, the LATAM startup ecosystem is showing signs of slow but steady recovery. In the first half of 2024, $1.1 billion was raised, a 30% increase compared to the same period in 2023. AI surpassed fintech as the leading sector, capturing 34% of investment rounds, driven by the demand for automation.

• AI Startups Capture 1 in 3 VC Dollars AI startups now receive one out of every three venture capital dollars, marking a significant shift in the tech investment landscape. Despite a more measured funding environment compared to 2021, excitement around AI continues to drive investor interest. As interest rates drop and risk appetite grows, AI startups are expected to remain a top priority for venture capital in the coming months.

• AI Adoption in UK Banking Sector Doubles A recent Lloyds survey reveals that AI adoption in UK banking has doubled, with 63% of firms now investing in AI, up from 32% last year. The survey also highlights that 81% of institutions view AI as a business opportunity. Banks are reporting tangible benefits, including increased productivity (32%), a competitive edge (22%), and enhanced insights (18%).

• Meta Unveils Movie Gen, an AI-Powered Video Generator Meta announced the launch of Movie Gen, an AI-driven video generator capable of creating high-definition footage with sound from text prompts. The tool can generate entirely new videos or edit existing clips by altering elements like style, transitions, or adding new objects.

• ChatGPT launches Canvas: A powerful text and code editing tool ChatGPT introduces Canvas, a new interface designed for collaborative writing and coding projects. Canvas allows users to directly edit text or code while receiving real-time suggestions from ChatGPT, streamlining the process of refining and improving projects. It provides useful shortcuts for tasks like adjusting text length or debugging code. Initially available for ChatGPT Plus and Team users, Canvas is expected to roll out to all users soon, enhancing productivity in more complex tasks.

• Oracle to Invest Over $6.5 Billion in AI and Cloud Computing in Malaysia Oracle is set to invest $6.5 billion to develop a new public cloud region in Malaysia, expanding its Asia Pacific footprint. This move aims to accelerate AI innovation and cloud services within the country, benefiting businesses by offering Oracle's extensive suite of 150+ cloud and SaaS services.

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Funding 💼💸

• OpenAI Raises $6.6B, Valued at $157B OpenAI, the creator of ChatGPT, has secured $6.6 billion in its latest funding round, the largest VC round ever, valuing the company at $157 billion. Led by Thrive Capital, the round included participation from Microsoft, Nvidia, SoftBank, and others.

• Poolside Raises $500M in Series B, Led by Bain Capital Ventures. Poolside, the AI-powered software development platform, has raised $500 million in a Series B funding round led by Bain Capital Ventures, with participation from eBay Ventures and Nvidia. The company, founded by CEO Jason Warner and Eiso Kant, develops AI tools to assist developers with code autocompletion and suggestions.

• Vizit Raises $25M in Series B to Revolutionize Visual Content for E-Commerce
  Vizit, founded by Jehan Hamedi, uses Visual AI to help brands like Mars and Ghirardelli create personalized and engaging visual content that drives higher conversions. By analyzing audience preferences, Vizit's AI platform improves how companies connect with their customers through data-driven visuals. The $25 million Series B round was led by Industry Ventures, with participation from Infinity Ventures, Brand Foundry Ventures, and others, supporting the company's mission to transform visual content creation in e-commerce.

• Zive AI Secures $1M to Revolutionize VC Fund Management Zive AI has raised $1 million in a seed round led by 7BC Venture Capital and CerraCap Ventures. The company, founded by Jan Marius Marquardt, automates critical tasks like fund management, tax preparation, and compliance with its AI-powered platform. The solution aims to enhance efficiency and transparency for venture capital firms, offering comprehensive digital tools for both General Partners and Limited Partners.

• Frammer AI Raises $2M from Lumikai to Expand into Sports Frammer AI, a video content creation platform, has secured $2 million in funding from Lumikai. The company, co-founded by Suparna Singh, Arijit Chatterjee, and Kawaljit Singh Bedi, specializes in generating short, monetizable videos from longer content. Frammer’s clients include The India Today Group, Zee News, and Acko.

• Braintrust Secures $36M to Advance AI Software Engineering Braintrust has raised $36 million in a funding round led by Martin Casado of Andreessen Horowitz, with participation from investors like Elad Gil, Greylock, and Databricks Ventures. Braintrust's platform, used by companies such as Notion, Stripe, and Zapier, focuses on empowering AI engineering teams through continuous experimentation.

• KomboAI Raises €700K to Streamline Sales with AI Barcelona-based KomboAI, founded by Ale Pintaudi and Ignacio Gaminde, has raised €700,000 in a pre-seed round led by Demium Capital, with participation from Encomenda and Eoniq. KomboAI uses AI to help sales teams prepare for calls in under 30 seconds by analyzing public data to create concise profiles of potential clients.

• Fynk Raises €3.1M to Scale AI-Powered Legal Workflow Tools Vienna-based fynk has secured €3.1 million in a funding round led by 3VC and 10x Founders. Founded by Constantin Wintoniak, Dominik Hackl, and Markus Presle, fynk provides AI-driven tools to streamline legal workflows for non-legal teams, focusing on contract management and document processing. The platform offers SMEs an affordable alternative to costly legal software, helping users save time and increase productivity.

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M&A 💰

• EPAM Acquires First Derivative to Strengthen Financial Services with AI Integration EPAM Systems has announced the acquisition of First Derivative, a consulting firm specializing in capital markets and financial services. The acquisition brings over 1,800 employees and 100+ new clients to EPAM's portfolio. The combined expertise of both companies will enable the development of advanced AI-driven solutions for global financial institutions.

• Zillow Acquires Virtual Staging AI to Enhance Real Estate Listings with AI-Powered Staging Zillow Group has acquired Virtual Staging AI (VSAI), a company that enables real estate professionals to create virtually staged listing images in seconds. VSAI's technology helps home sellers and agents present homes with digital furniture, streamlining the staging process without physical decor. Founded by Michael Bonacina and Mikhail Andreev in 2023, the Munich-based team will integrate into Zillow's tech division.

• Zeta Global to Acquire LiveIntent for $250M, Expanding AI Marketing Capabilities Zeta Global is set to acquire email advertising platform LiveIntent for $250 million. The acquisition will enhance Zeta’s AI-driven marketing platform, improve identity resolution with over 235 million hashed emails, and expand its publisher network. Zeta plans to integrate LiveIntent’s technology to further develop its cross-channel targeting and engagement for brands.

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Interesting Reads 💡🤔

• Upgrading Apple Siri with OpenAI Realtime API and Cursor AI This guide, created by Corbin Brown, explains how to enhance Siri using OpenAI's Realtime API and Cursor AI. By integrating these tools, Siri becomes more responsive and capable, handling complex queries in real-time. The tutorial walks users through developing a React-based interface, setting up a local server, and using WebSocket for seamless communication. This process boosts Siri’s intelligence without requiring advanced coding skills, bringing a more efficient, AI-powered experience to users.

• The Risks of Overreliance on Serial Founders in Venture Capital While serial founders are common in unicorn startups, relying solely on repeat founders risks missing out on high-potential first-time entrepreneurs. Studies show that past success doesn't guarantee future performance, and VCs must look beyond pattern-matching to identify exceptional outliers. True outperformance in venture capital requires backing nonobvious ideas and founders, whether experienced or not.

• 7 No-Code AI Tools to Build a Profitable Online Business

  These no-code AI tools help businesses create apps, automate workflows, and design digital content without technical skills. V0 by Vercel and Buzzy simplify web design and app building, while Vector Shift and Noloco streamline operations with AI-powered automation. Claude converts sketches into websites, and Glide helps create apps with voice-to-text features. These tools empower businesses to innovate and grow efficiently.

• 18 ChatGPT-4o advanced brainstorming prompts and techniques ChatGPT-4o enhances brainstorming by integrating AI with methods like the Disney Method, TRIZ, and Six Thinking Hats. By using AI-driven prompts and collaboration, ChatGPT pushes beyond traditional brainstorming, making idea generation more dynamic and efficient, transforming complex problems into actionable solutions.

• How the FA uses AI to Identify Future England Stars The FA is leveraging Google Cloud's Vertex AI to analyze scouting reports and streamline talent identification. By transforming thousands of reports into concise summaries, AI enables coaches and scouts to quickly assess a player’s development. This collaboration helps ensure no potential talent is overlooked, providing a consistent and reliable evaluation. The AI-powered approach integrates subjective assessments and data-driven insights, setting a new standard for scouting and player development in English football.

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Tools 🧰🛠️

• Buzzabout is an AI-powered audience research tool that analyzes billions of discussions on platforms like Reddit, TikTok, and YouTube. It provides insights into audience sentiment, engagement, and key metrics such as audience size and resonance, helping brands and marketers make data-driven decisions quickly. Users can generate sharable reports, explore trending topics, and integrate the tool into their workflow via Slack for real-time audience research.

• Auto_Jobs_Applier_AIHawk: Your Job Search Assistant (GitHub Repo) AI-powered tool that automates the job application process, allowing users to apply to multiple relevant positions efficiently. As companies increasingly use AI to scout for talent, job seekers can now leverage this tool to stay competitive and avoid job search fatigue. It runs continuously, personalizing applications and maximizing opportunities for landing interviews.

• HeyGen's New Avatar 3.0: HeyGen's avatars have advanced beyond basic lip-syncing to include full-body dynamic motion. For the first time, their facial expressions and voice tones are dynamically generated to perfectly align with the script.

• SurfShark: While it's not a direct AI tool, it helps you access many AI tools if you're in Europe, like ChatGPT's advanced voice feature. Surfshark is a VPN that protects your online privacy, available in over 100 countries. It offers high-speed servers with the option of fixed or dynamic IP, along with antivirus software that protects your devices in real time.

• Pika Labs Launches Pika 1.5 with Advanced AI Video Features Pika Labs has released Pika 1.5, its latest video generation model with significant improvements in hyper-realism and physics-driven effects. The new version introduces dynamic features like lifelike human and creature movements, branded as "Pikaffects," along with advanced video shot techniques such as crash zoom, bullet time, and whip pan.

• Black Forest Labs Releases Flux 1.1 Pro and API Black Forest Labs (BFL), creators of the Stable Diffusion model, have launched Flux 1.1 Pro, a faster text-to-image AI model, along with a paid API for developers. Flux 1.1 Pro generates images six times faster than its predecessor and is available through partners like together.ai and Freepik.

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AI Jobs 👩‍💻👨‍💻

• Senior Machine Learning Engineer - (TrueLogic) - Remote, anywhere in LATAM

• Community, Head of Internet Creators (OpenAI) - San Francisco, US - $240K + Offers Equity

• AI Tutor - Bilingual (xAI) Full time Remote - The pay for this role may range from $35/hour - $65/hr

• AI Solutions Architect (Together.ai) - San Francisco, US - $180,000 - $230,000 + equity + benefits

• AI Software Engineer (Perplexity) - Full Stack San Francisco Bay Area - $160,000 - $240,000

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NTV Highlights 🪩🎉

Next Tier Ventures is organizing a special panel titled "Shaping a Robust Investment Ecosystem" at the Valencia Digital Summit 2024. The panel will feature Marta Cruz (NXTP Ventures), Andrea Martinelli (Diversity VC), Yolanda Tomás (WA4STEAM), Javier Villamizar (SoftBank), and Azahara García Espejo (Hearts Lab), moderated by Patricia Pastor (GP at Next Tier Ventures). Luis Tatay (Across Legal) will open the session with a presentation.

WeInvest is a community of women investors across Venture Capital, Private Equity, Family Offices, Accelerators, and Angel Investments, aiming to empower women to drive innovation while fostering growth, connection, and inspiration.
Register if you want to attend the session (limited spots available).

In a few days, 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.

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