8/18/23

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Alpha & Q
August 18, 2023

∆ Tech in the News

Meta Announces AI Code to Challenge OpenAI - Not one to be outdone, Zuck is soon to launch Code Llama a free and open-source AI code-generating software to compete with ChatGPT Code Interpreter.

Tesla On a Charge - CATL, one of the main suppliers to the EV giant just unveiled a battery that can charge 250 miles (400km) in only 10 minutes.

Is This Peak AI-Hype? - Gartner thinks AI has reached the "Peak of Inflated Expectations" in its Hype Cycle and may be entering the dreaded “Trough of Disillusionment.”

AI Arms Race Heats Up in Middle-East - Saudi Arabia and the UAE have joined the AI arms race, buying up thousands of Nvidia chips. Saudi Arabia has also launched a program to educate 30,000 students in AI.

Gloves Off for Sony - The Japanese gaming pioneer files a patent for a glove-shaped VR gaming controller with haptic feedback and finger-tracking technology for more immersive gaming.

Open AI Acquihire of Design Firm - The acquisition of Global Illumination is their first in a few years. The NY firm has a track record of building viral products for Google, Facebook, RiotGames, and others.

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˚The hottest thing in tech this week

Google has merged two large AI teams to create a "SWAT" team led by SVP of AI, Jeff Dean. The new unit will focus on developing cutting-edge AI tech and is expected to launch a set of LLMs called Gemini this fall. Gemini aims to give Google the ability to build products that its competitors can't, such as self-driving cars and virtual assistants by finally bringing the full force of Google’s inherent advantages to bear in the AI arms race.

LLMs are only as good as the quantity, quality, and variety of the data they’re trained on. So the Gemini models may excel by taking advantage of training data that only Google can access like annotated YouTube videos, text content from Google Books, and science, medical, and technology research from Google Scholar.

The news comes alongside a sneak peek at a DeepMind AI assistant to offer life advice, as well as a slew of updates on Google’s SGE Generative AI features including:

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The move could have major implications for Google’s Cloud, which will likely be the main avenue by which corporate customers can access the power of Gemini.

Mark Sullivan for Fast Company

Deals We’re Watching

Founders to Watch and Opportunities to Catch

Closed Deals:

$1M To Make VC Dealflow More Efficient - Deckmatch has raised $1.1M to develop an AI-powered platform that helps VCs screen and extract insights from pitch decks.

BitGo Closes $100M Series C - the round by leading regulated crypto custodian in over 50 countries has pushed the company's valuation to $1.75bn and allows them to further strengthen their offering globally.

ClassWallet Reshapes Government Agencies - The leading digital wallet-based purchasing and reimbursement platform for public funds, closed its first institutional growth capital round of $95M.

$49M for AI-Powered Lithium Extraction - San Fran start-up Aether privately raised $49M to scale its AI and ML-based molecular assembler tech to extract lithium and other critical metals from oil and gas wastewater byproduct.

Zeelo Catches $14M for its’ Smart Buses - The platform providing private smart bus and shuttle transport programs added the Series A extension round to accelerate US expansion. Total funds raised now stand at $33.6M.

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Companies to Watch:

Thiel Backs Clinical Trials Disruptor - Creandum and Peter Thiel are backing Lindus, a UK startup using ML to streamline the clinical trial data and analytics process and has more than 80 clinical trials since its inception two years ago.

Yahoo-Founder Backed Startup Helping Users Monetize their Data - Caden already has provided massive data and user payouts enabling users to get paid from Amazon, Netflix, Spotify, and more.

GM Invests in Next-Gen EV Batteries - GM backed a Series B by California’s Mitra Chem. The startup is using AI to develop more cost-efficient and ‘green’ EV batteries that could make it into GM vehicles later in the decade.

‘Deep Teaching’ AI for Self-driving Cars - Helm is working to be the Android of self-driving with their interoperable EV software. A successful Series C will see them start to roll out the tool in partnership with Honda and Goodyear.

Open Deals:

Databricks Rapid Expansion Fuels Fundraising - The AI enterprise ‘big-data’ platform recently partnered with Microsoft to offer its service to MS users, and is now in early talks to raise hundreds of millions to continue its growth.

$50M Funding Deal - Peak XV Partners is in advanced talks to lead or fully finance a round in Neo Group - a ‘new age’ asset management and financial advisory firm founded by former Edelweiss executives.

IBM Watson Creator’s Startup - David Ferrucci's 2015-founded startup’s AI tool "thinks before it talks." Jim Breyer, ex-IBM CEO Sam Palmisano and Geoff Yang are among early backers of the recent $60M round while David plans to raise another $5.75M.

IPO Watch

AI-Powered Email Security - Abnormal Security, an AI-powered email security startup, has reached $100M in ARR and over 1,300 customers and has hired a new president and CPO ahead of an anticipated IPO and global expansion.

After weeks of popular demand, we will be vetting deals from our subscribers. If you have a deal or company that you would like to host on our next issue, send us a line at @ [email protected].

Thanks for tuning in.

The Tech Buzz Team