According
to the latest valuation in April, OpenAI’s ChatGPT is worth nearly $30 billion.
However, more competitive solutions are appearing on the market. One of the
more interesting ones is the Israel-based artificial intelligence (AI) startup
AI21 Labs. The company has just completed another funding round, raising $155
million from tech giants, like Nvidia and Google. Although the company’s
valuation is more than twenty times lower than OpenAI’s, ChatGPT may have
reasons to worry.
AI21 Labs Valued at $1.4
Billion after Latest Funding
The Israeli
startup announced this week that it successfully closed a $155 million Series C
funding round, bringing its total funding to $283 million. The latest round
raised the company’s valuation to $1.4 billion. In addition to big names like
Nvidia and Google, investors also include Samsung Next and Walden Catalyst.
According
to information released by AI21, the funds will be used to develop services
based on text-based generative AI and their use in enterprises. The company has
its own large language model (LLM) called Jurassic-2 and operates in a segment
that directly competes with OpenAI. The model is mainly used for creating
business applications that utilize text and developing an assistant that
supports reading and writing in multiple languages.
AI Fueled by Huge
Investments
Although
AI21 Labs’ funding is one of the larger ones recently, it doesn’t make as big
an impression in the rapidly developing artificial intelligence industry.
Especially when compared to the news in January about OpenAI being funded with $10
billion from Microsoft.
Meanwhile,
in May, Anthropic, another ChatGPT competitor, raised $450 million in a Series
C funding round , which included Google. Many indications suggest that tech
giants do not want to be left behind in the latest AI revolution. In addition
to developing their own products (Google has Bard, Microsoft has Bing), they
are also investing in competitive solutions and startups.
AI May Heighten Financial Fragility
In a recent
statement, Gary Gensler, the Head of the US Securities and Exchange Commission
(SEC), warned that artificial intelligence could catalyze future financial
crises. He emphasized the risks associated with the technology, particularly if
it becomes concentrated in the hands of a few major tech firms.
However,
the financial world is increasingly embracing AI technologies. After a
three-month trial involving more than 11,000 individual and crypto investors,
Tiger Brokers has launched TigerGPT, the brokerage industry’s inaugural
AI-based investment assistant. As Finance Magnates revealed, 81% of the
platform’s users found the chatbot’s responses both accurate and helpful.
Furthermore,
the latest Investor Index study shows a growing trust in AI for
financial guidance in the UK. According to the survey, 73% of British investors
believe that AI chatbot ChatGPT will offer dependable financial advice in the
future.
Broadridge
Financial Solutions has introduced a groundbreaking feature to its LTX
platform, BondGPT. This AI-driven tool aims to simplify the intricate processes
of bond selection and portfolio building, offering improved liquidity and price
discovery. Company spokespeople suggest that this innovative technology could
significantly benefit the $10.3 trillion US corporate bond market.
According
to the latest valuation in April, OpenAI’s ChatGPT is worth nearly $30 billion.
However, more competitive solutions are appearing on the market. One of the
more interesting ones is the Israel-based artificial intelligence (AI) startup
AI21 Labs. The company has just completed another funding round, raising $155
million from tech giants, like Nvidia and Google. Although the company’s
valuation is more than twenty times lower than OpenAI’s, ChatGPT may have
reasons to worry.
AI21 Labs Valued at $1.4
Billion after Latest Funding
The Israeli
startup announced this week that it successfully closed a $155 million Series C
funding round, bringing its total funding to $283 million. The latest round
raised the company’s valuation to $1.4 billion. In addition to big names like
Nvidia and Google, investors also include Samsung Next and Walden Catalyst.
According
to information released by AI21, the funds will be used to develop services
based on text-based generative AI and their use in enterprises. The company has
its own large language model (LLM) called Jurassic-2 and operates in a segment
that directly competes with OpenAI. The model is mainly used for creating
business applications that utilize text and developing an assistant that
supports reading and writing in multiple languages.
AI Fueled by Huge
Investments
Although
AI21 Labs’ funding is one of the larger ones recently, it doesn’t make as big
an impression in the rapidly developing artificial intelligence industry.
Especially when compared to the news in January about OpenAI being funded with $10
billion from Microsoft.
Meanwhile,
in May, Anthropic, another ChatGPT competitor, raised $450 million in a Series
C funding round , which included Google. Many indications suggest that tech
giants do not want to be left behind in the latest AI revolution. In addition
to developing their own products (Google has Bard, Microsoft has Bing), they
are also investing in competitive solutions and startups.
AI May Heighten Financial Fragility
In a recent
statement, Gary Gensler, the Head of the US Securities and Exchange Commission
(SEC), warned that artificial intelligence could catalyze future financial
crises. He emphasized the risks associated with the technology, particularly if
it becomes concentrated in the hands of a few major tech firms.
However,
the financial world is increasingly embracing AI technologies. After a
three-month trial involving more than 11,000 individual and crypto investors,
Tiger Brokers has launched TigerGPT, the brokerage industry’s inaugural
AI-based investment assistant. As Finance Magnates revealed, 81% of the
platform’s users found the chatbot’s responses both accurate and helpful.
Furthermore,
the latest Investor Index study shows a growing trust in AI for
financial guidance in the UK. According to the survey, 73% of British investors
believe that AI chatbot ChatGPT will offer dependable financial advice in the
future.
Broadridge
Financial Solutions has introduced a groundbreaking feature to its LTX
platform, BondGPT. This AI-driven tool aims to simplify the intricate processes
of bond selection and portfolio building, offering improved liquidity and price
discovery. Company spokespeople suggest that this innovative technology could
significantly benefit the $10.3 trillion US corporate bond market.
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- Source: https://www.financemagnates.com//fintech/prompt-competitor-openai-rival-ai21-now-worth-b14/
