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Date 31 Jan 2024
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🚀 Top AI Stories
🔥Kore.ai Raises $150M in Funding for Conversational AI and GenAI Product
🤖 South Korean AI Chip Startup Rebellions Raises $124M in Series B Funding
🌐 The Complicity of AI in the Current Wave of Layoffs
🌐 AI's Impact on Employment and Global Growth: Challenges and Opportunitis
1. 🔥 Kore.ai Raises $150M in Funding for Conversational AI and GenAI Product
Kore.ai, a company specializing in enterprise-focused conversational AI and GenAI products, has secured $150 million in funding. The funding round was led by FTV Capital, Nvidia, Vistara Growth, Sweetwater PE, NextEquity, Nicola, and Beedie. With a total raised amount of approximately $223 million, the funding will be used for product development and scaling up Kore.ai's workforce. The company offers a no-code platform that enables businesses in various industries to create custom conversational AI apps or deploy pre-built chatbots. Kore.ai differentiates itself by providing flexibility in deploying AI apps and offering fine-tuned models that are more cost-effective and privacy-friendly. The company has already established a strong foothold in the AI market, with a customer base of over 400 brands and annual recurring revenue exceeding $100 million.
2. 🤖 South Korean AI Chip Startup Rebellions Raises $124M in Series B Funding
South Korean fabless AI chip startup, Rebellions, has secured $124 million in a Series B funding round to develop its third AI chip, Rebel. The funding will also be used to increase production of its data center-focused chip, Atom, and for hiring. Led by strategic investor KT, the round saw participation from previous backers and new investors. Rebellions' latest valuation stands at approximately $658 million. The chip industry is witnessing significant developments in AI chips, with big tech companies and startups alike working on breakthroughs to enhance processing efficiency. Rebellions is also collaborating with Samsung Electronics to develop Rebel, targeting the generative AI market. Atom, the startup's data center chip, is expected to generate revenues in the second half of this year.
3. 🌐 The Complicity of AI in the Current Wave of Layoffs
As the tech industry experiences a sustained period of layoffs, the rise of AI technology is being questioned for its role in this trend. While companies boast about the efficiency benefits of AI products, they rarely mention the connection between AI and job cuts. Salesforce and SAP, among other tech giants, have announced significant investments in AI while simultaneously laying off employees. The promise of AI creating new, fulfilling roles for displaced workers seems distant as the focus remains on downsizing and AI innovation. This unique technological revolution not only augments human efficiency but actively replaces entire job functions. The impact of AI on employment may only be fully understood in hindsight by researchers.
4. 🌐 AI's Impact on Employment and Global Growth: Challenges and Opportunitis
The Finance Ministry highlights the challenges posed by Artificial Intelligence (AI) to employment, particularly in the services sectors. An IMF paper estimates that 40% of global employment is exposed to AI, with both benefits and risks. Developing economies are advised to invest in infrastructure and a digitally-skilled labor force to fully harness AI's potential. India's growth outlook is not only influenced by domestic performance but also by global developments. Geoeconomic fragmentation and the slowdown of hyper-globalization may lead to friend-shoring and onshoring, affecting global trade and growth. Additionally, the Finance Ministry emphasizes the importance of a talented and skilled workforce, age-appropriate learning outcomes, and a healthy population for economic growth. The railways in India are also planning to use AI for crowd control during the Magh Mela event.
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