Category: General

Kaedim secures $15 million in funding for AI-driven 3D asset creation technologies

Kaedim, a company providing innovative tools to simplify the creation of 3D content, recently secured $15 million in Series A funding. The firm debuted a new AI-driven marketplace, boasting an initial offering of 10,000 3D assets, including contributions from users. The influx of funds will support the enhancement of Kaedim’s platform, as well as facilitate growth in its team and reach.

The investment round was spearheaded by A16z Games and saw contributions from the Pioneer Fund, alongside notable investors such as Scott Gelb (ex-President of Games at Riot Games), Nate Mitchell (co-founder of Oculus), Eden Chen (CEO of Pragma), and Siqi Chen (CEO of Runway), among others.

In its quest to empower creators in the realm of 3D asset creation, Kaedim introduced a series of innovations. These include a comprehensive suite of tools designed to complement, not replace, the work of artists. The suite encompasses a 3D workflow solution compatible with current industry standards like Unreal and Blender, a collection of intelligent enhancements for 3D modeling workflows, including automated UV mapping, and a bespoke service for creating tailored 3D assets utilizing Kaedim’s proprietary machine learning technology, among other advanced features.

Konstantina Psoma, the CEO of Kaedim, highlighted the significant advancements in 3D technology over the past five years across various sectors, such as e-commerce, gaming, 3D printing, and AR/VR. She remarked, “We are facilitating the next evolution in 3D content creation, drawing parallels to the impact of DALL-E on 2D imagery and concept art.”

Griffin, a startup specializing in ‘Banking-as-a-Service’, secures $24 million in funding upon obtaining its complete banking license.

Griffin Bank, a banking-as-a-service (BaaS) platform headquartered in the U.K., has recently secured a banking license, marking a significant milestone in its journey. Established by former Silicon Valley engineers, the company obtained approval from the U.K.’s financial regulators, including the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), after a year-long application process.

This achievement is noteworthy, especially in comparison to Revolut, a prominent U.K. fintech, which has struggled to obtain a banking license despite years of effort. Griffin’s swift approval contrasts with the industry norm, as only a small percentage of companies typically progress to the application submission stage within a similar timeframe.

Griffin now offers a comprehensive platform for fintech companies, enabling them to provide banking, payments, and wealth management solutions seamlessly. While it’s less inclined to offer banking services directly to consumers, Griffin targets businesses seeking embedded financial solutions such as savings, safeguarding accounts, and client money management.

Investors have shown confidence in Griffin’s potential, evident from its recent funding rounds. With a total of $52 million raised since its inception in 2017, the company secured an additional $24 million in its extended Series A round, led by prominent investors like MassMutual Ventures and NordicNinja.

Griffin’s founders, David Jarvis and Allen Rohner, bring substantial expertise to the table, with backgrounds in pioneering tech companies like Standard Treasury and CircleCI. They emphasize Griffin’s tech-centric approach, leveraging ClojureScript to build robust systems tailored to modern banking needs.

The emergence of fintech companies like Griffin signifies a shift towards “embedded finance,” where financial products seamlessly integrate into non-financial services, enhancing customer value and generating new revenue streams. This trend aligns with the growing banking-as-a-service sector, projected to reach $66 billion in value by 2030, with companies like Treasury Prime and Synctera securing significant investments.

Jarvis underscores Griffin’s differentiation from traditional banking and non-regulated financial services, emphasizing the importance of its banking license in providing tangible benefits to customers, such as earning interest on funds. The company aims to capitalize on opportunities across various sectors, targeting businesses mandated to hold funds in designated accounts, including accountants, solicitors, and property management firms.

Overall, Griffin’s focus remains on capturing market share and delivering value through its tech-driven banking-as-a-service platform, positioning itself as a key player in the evolving landscape of embedded finance.

Taiko raises $37 million to advance web3 development for a censorship-resistant internet.

In the dynamic domain of cryptocurrency, a visionary group of pioneers recognizes the transformative potential of blockchain technology to decentralize various facets of human life, aiming for a broader societal benefit. Daniel Wang, the founder of Taiko, stands out in this group with his company’s commitment to crafting web3 infrastructure that champions a censorship-resistant internet.

Wang’s journey into decentralization began with an ambition to revolutionize social media through blockchain. At an Ethereum developer conference last November, he shared his vision for a future where blockchain’s inherent features, such as distributed data storage and community-driven content moderation, empower users to freely express themselves online without the fear of censorship. “I hope the next generation can grow up being free and able to say anything on the internet,” Wang stated, underscoring the importance of freedom of expression for societal progress.

His initial plan was to develop a decentralized app (dApp) on Ethereum, a leading blockchain platform co-founded by Vitalik Buterin, known for its smart contracts that automate the execution of agreements. However, Wang soon recognized the challenges posed by Ethereum’s scalability and the centralization tendencies of its “Layer 2” solutions. Despite these solutions, such as “rollups,” aiming to enhance transaction capacity by processing them on secondary chains, Wang observed a compromise on decentralization, a core principle of web3 ethos.

Driven by the realization of these limitations, Wang founded Taiko in March 2022, dedicating the company to the development of truly decentralized social platforms. Over the past two years, Taiko has capitalized on the growing interest in rollups within the web3 space, successfully raising US$37 million through three funding rounds. The latest Series A funding round, amounting to US$15 million, attracted investments from notable entities like Lightspeed Faction, Hashed, and Generative Ventures, propelling Taiko to unicorn status.

Taiko’s mission extends beyond funding successes. With a recent announcement of US$30 million in developer grants and the launch of its latest testnet attracting significant participation, the company is steadfast in its goal to facilitate a decentralized, user-owned social network. Wang draws parallels between Taiko and Ethereum’s decentralized ethos, aspiring for Taiko to serve as a public good in the digital realm.

Despite the enthusiasm, Wang is mindful of the challenges ahead, particularly in ensuring content quality and safety on decentralized networks. He proposes the concept of a “relayer” to mediate content according to each network’s unique standards while also highlighting the importance of token incentives to encourage quality content creation in a landscape where traditional ownership structures do not apply.

As Taiko navigates the complexities of web3 development, Wang remains optimistic about the future of decentralized social platforms, believing that the journey towards crypto’s mass adoption is paved with incremental technological advancements.

Microsoft’s “Copilot for Finance” seeks to transform spreadsheets through the power of AI.

Today, Microsoft has stirred the artificial intelligence community by unveiling the public preview of Microsoft Copilot for Finance, a novel AI assistant tailored for finance professionals. This groundbreaking tool is engineered to augment the efficiency of finance teams by automating the monotonous tasks of data management and facilitating the search for pertinent information amidst an expanding repository of financial data.

During a VentureBeat interview, Emily He, Microsoft’s Corporate Vice President of Business Applications Marketing, highlighted the rationale behind developing Copilot for Finance. He pointed out the widespread use of Excel as an ERP (Enterprise Resource Planning) system and the increasing customer demand for Excel-based ERP task management. “Microsoft stands out by integrating the Excel calculation engine with ERP data, simplifying and streamlining processes for finance professionals,” He explained.

Copilot for Finance builds upon the foundation of Microsoft’s Copilot technology, introduced last year, and extends its capabilities into the finance domain. It seamlessly integrates with Microsoft 365 applications like Excel and Outlook, pulling data from financial systems to offer suggestions. The assistant is designed to address three critical finance scenarios: audits, collections, and variance analysis.

Charles Lamanna, Microsoft’s Corporate Vice President of Business Applications & Platforms, emphasized the significance of Copilot for Finance in evolving the construction of AI assistants. This specialized approach allows Copilot for Finance to understand and cater to the specific needs of finance roles, distinguishing it from the broader utility of last year’s general Copilot assistant.

One of the key advantages of Copilot for Finance is its ability to operate within Excel, enabling finance professionals to conduct variance analyses, automate collections workflows, and assist with audits directly in the app. Lamanna hinted at the possibility of developing dedicated assistants for other roles in the future, expanding the Copilot technology’s scope.

Microsoft’s strategic focus on role-based AI aims to consolidate its position in the competitive landscape by empowering finance professionals across various organizations to accelerate their impact and potentially reduce operational costs.

The integration of Microsoft 365 with a company’s existing data sources promises enhanced interoperability, as highlighted by Lamanna. However, the advent of AI-driven systems like Copilot for Finance also brings to the fore concerns regarding data privacy, security, and compliance. Microsoft has addressed these issues by implementing data access permissions and avoiding direct model training on customer data.

As Copilot for Finance gears up for general availability later this year, with a speculative launch in the summer, the anticipation within the industry is palpable. With over 100,000 organizations already leveraging Copilot, the finance-specific assistant is poised to herald a new era in enterprise AI. Nevertheless, Microsoft faces the challenge of ensuring robust data governance measures while expanding Copilot’s capabilities to sustain its competitive edge in the market.

Groq’s CEO predicts startups will favor fast LPUs over Nvidia by 2024 end.

In the landscape of technology and artificial intelligence, Nvidia’s recent earnings announcement has captured widespread attention. The company’s profits soared by an astonishing 265% compared to the previous year, underscoring its dominant position in the tech industry. However, the spotlight is gradually shifting towards Groq, a relatively new player from Silicon Valley that specializes in developing AI chips tailored for large language model (LLM) inference tasks. This shift in focus comes in the wake of Groq’s unexpected viral recognition, showcasing its innovative technology to a broader audience.

Groq’s Viral Moment and Its Implications

Over the past weekend, Groq experienced a viral moment that most startups can only dream of, thanks to Matt Shumer, CEO of HyperWrite. Shumer’s posts on X highlighted Groq’s “wild tech,” capable of delivering Mixtral outputs at nearly 500 tokens per second, with responses that are virtually instantaneous. This viral moment, although not as massive as social media activities surrounding other AI technologies, has undoubtedly caught the attention of industry giants like Nvidia.

Shumer’s demonstration of Groq’s “lightning-fast answers engine” further fueled interest in Groq’s technology. The demo showcased the engine providing detailed, cited answers within a fraction of a second, propelling Groq’s chat app into the limelight. This app allows users to engage with outputs generated by Llama and Mistral LLMs, marking a significant milestone for Groq.

A Closer Look at Groq’s Technology and Market Position

Despite Nvidia’s overwhelming market share, with over 80% dominance in the high-end chip sector, Groq’s CEO, Jonathan Ross, has positioned the company as a formidable contender. Ross, in an interview, emphasized the prohibitive costs of inference, highlighting Groq’s solution as a super-fast, cost-effective alternative for LLM applications. Ross’s ambitious claim that Groq’s infrastructure would be the go-to choice for startups by year-end underscores the company’s potential impact on the market.

Groq LPUs vs. Nvidia GPUs

Groq’s Language Processing Units (LPUs) represent a novel approach to processing units, designed explicitly for high-speed inference in applications with a sequential component, like AI language models. This design contrasts with Nvidia’s General Processing Units (GPUs), optimized for parallel processing tasks, thus offering a tailored solution for LLM outputs.

Key Differentiators and Strategic Advantages

  • Privacy and Efficiency: Unlike other companies, Groq does not engage in model training, allowing it to maintain user privacy by not logging data.
  • Potential for Collaboration: With Groq chips potentially running ChatGPT over 13 times faster, there’s speculation about a potential partnership with OpenAI, highlighting the unique benefits of LPUs for language processing projects.

The Future of AI Inference: Groq’s Role

As the AI industry continues to evolve, the question remains whether Groq’s LPUs will significantly change the game for AI inference. Ross’s vision for Groq, fueled by a $300 million fundraising round and his experience in developing Google’s tensor processing unit, suggests a promising future. Groq’s focus on creating a chip that prioritizes the “driving experience” of AI applications, coupled with its commitment to a user-first approach, sets it apart in a crowded market.

Impact and Challenges Ahead

  • Rapid Growth and Industry Response: Following Shumer’s viral post, Groq received over 3,000 requests for API access, highlighting the growing interest in its technology.
  • Strategic Positioning and Competitive Landscape: Ross’s comments on Nvidia’s market strategies and the broader AI chip industry reflect Groq’s ambition to redefine the sector.

Conclusion: Groq’s Path Forward

As Groq navigates its newfound popularity and the challenges of scaling up, its approach to issues like API billing and expanding its capacity will be crucial. With plans to increase its token processing capacity and explore partnerships with countries for hardware deployment, Groq is poised to make a significant impact on the AI chip market. The company’s journey from a viral moment to potentially leading the AI infrastructure for startups showcases the dynamic nature of the tech industry, where innovation and strategic vision can redefine market landscapes.

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