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#2: Hugging Face's Valuation Surge and the Voice-Activated Future of Payments

One key development in AI, carefully curated from numerous sources.

Author

Renjit Philip
August 27, 2023

❝

“Technology is just a tool. In terms of getting the kids working together and motivating them, the teacher is the most important.”

Bill Gates

One more thing in AI

Date: 27 Aug, 2023

Dear reader,

Welcome to the latest edition of the “One More Thing in AI newsletter”. Why “One more thing”?

This phrase was made memorable by that master presenter and visionary- Steve Jobs, and I decided to borrow it. He would use this phrase before unveiling some of the iconic product features released by Apple. There is so much happening in AI that curating that “One thing” to focus on is becoming very difficult for startup founders and business leaders alike. That is where this newsletter comes in.

I aim to sift out one essential AI-related news item under topics like Fintech, Insurtech, Web3, VCs, HealthTech, Startups, etc.

I will do all the heavy lifting so that you don’t have to: by reading scores of articles, listening to podcasts, and watching videos on the topic of AI that you don’t have time for.

In this Edition

  1. Hugging Face's Valuation Surge and Investment by Salesforce Ventures

  2. APIs Meet AI: Gorilla's Groundbreaking Integration

  3. India Speaks Up: The Voice-Activated Future of Payments

  4. NeuralMetrics: The Sherlock Holmes of Property Risk Assessment

  5. AI Tool review- VenturusAI: A Game-Changer for Entrepreneurs

  6. Blog recommendation

  7. Podcast recommendation

  8. AI Humor

Funding

Hugging Face's Valuation Surge

📈 Key Development:

Hugging Face, an AI startup is on the cusp of securing an investment of approximately $200 million led by Salesforce Ventures. This move is significant due to its magnitude and propels the company's valuation to an impressive $4 billion, marking a significant leap from its $2 billion valuation last year.

🔍 What's Hugging Face Up To?

For those scratching their heads, thinking, "Hugging Face? Sounds cute, but what do they do?", here's the scoop. Based in New York, Hugging Face is like the grand library of Alexandria, but for AI. Instead of scrolls and manuscripts, it's brimming with open-source AI models. Picture it as a bustling marketplace where developers can pick and mix AI tools for their next big venture.

🌐 Strategic Perspective:

Salesforce Ventures isn't just dipping its toes in the AI waters; it's diving headfirst. Their introduction of a $250 million generative AI fund, which subsequently expanded to $500 million, underscores their unwavering commitment to the sector.

💹 The AI Gold Rush:

The current fervor around AI investments is reminiscent of the Gold Rush era. Startups like Anthropic and AlphaSense are securing investments that would make Midas envious. And let's not forget the big players: Microsoft made waves with its staggering $10 billion investment in OpenAI.

📜 Conclusion for leaders:

AI is not just a tech buzzword; it's the future. Imagine being in the early days of the internet, witnessing companies like Amazon or Google in their infancy. AI is that burgeoning space and startups like Hugging Face are the trailblazers.

Large Language Models (LLMs)

Gorilla: Integration of Large Language Models with API 🦍

A Quick Dive into Gorilla's Jungle 

Gorilla isn't just another LLM; it can seamlessly integrate with a plethora of APIs. Developed by the bright minds at UC Berkeley and Microsoft Research, Gorilla has been trained on massive datasets from Torch Hub, TensorFlow Hub, and HuggingFace. And the best part? It's rapidly expanding its domain to include Kubernetes, GCP, AWS, OpenAPI, and more. In a head-to-head comparison, Gorilla even outshines models like GPT-4, Chat-GPT, and Claude.

Think of it as the difference between a standard car and a high-performance sports car; both can get you from point A to B, but one does it with much more flair and precision.

📈 Implications for you

Gorilla represents a confluence of financial acumen, technological expertise, and data-driven insights. Its capability to adapt to real-time API documentation changes and precision in API calls can significantly enhance operational efficiency and accuracy. Your tech team needs to know more about this development.

🌐 A Real-World Analogy

Remember the early days of smartphones? You'd have an app for everything. Now, imagine if your phone could suggest the right app for a specific task without you having to search for it. That's what Gorilla aims to do, but in the world of APIs.

For instance, when given a prompt, while other models might suggest an incorrect library or a non-existent model, Gorilla nails it by presenting the perfect API call.

🔗 Curious to explore more? 

Dive into the Gorilla project on GitHub or give it a whirl in just 60 seconds here. Happy exploring! 🦍🚀

Payments

From Cities to Villages: Expanding India’s Digital Payment Ecosystem using AI

📌 India's New Leap: The Reserve Bank of India has unveiled plans for voice-based and offline digital payments, aiming to expand the country's digital game.

📌 Bridging the Gap: This move aims to strengthen the connection between India's bustling cities and the rural heartland, ensuring everyone gets a slice of the digital pie.

📌 Tech Talk: Thanks to advanced AI speech recognition, users can simply use their voice to initiate transactions. Plus, no Internet? No problem! Two phones can easily transact with the "near field communication" tech.

📌 Languages Matter: To kick things off, the service will roll out in English and Hindi, with plans to bring in more regional languages soon.

📌 UPI's Skyrocketing Growth: Since its 2016 debut, the Unified Payments Interface, UPI, is now used by a whopping 350 million people. This July saw a staggering 10 billion transactions - a 50% jump from last year!

📌 Global Interest: This isn't just making waves at home. International giants like Google and PhonePe are on board, and even countries like Singapore and the UAE are integrating aspects of India's payment system.

Insurtech 

🚀 NeuralMetrics: AI-powered Underwriting

Have you ever tried to guess how many jellybeans are in a jar? Insurance underwriters do that when assessing property risks but with much higher stakes. Imagine if they had a magic magnifying glass that could count those jellybeans instantly and accurately. That's NeuralMetrics for you!

What's the Buzz? 🐝

NeuralMetrics, hailing from Denver, has just launched an AI-powered tool like a detective for property risks. Think of it as Sherlock Holmes but for underwriting. This tool, powered by some of the most advanced AI tech, gives real-time insights into tenant occupancy risks.

The platform is powered by generative AI and Large Language Models (LLM) and offers detailed, dynamic information on tenant occupancy risks.

Why Should You Care? 🤔

1. Precision: Remember the last time you tried to guess someone's age, and it went wrong? NeuralMetrics ensures underwriters don't make such blunders. With just a business name and address, it provides a deep dive into property occupancy risks.

2. Efficiency: It's like having a fast pass at Disneyland but for risk assessment. Underwriters can get instant, clear insights without waiting in line.

3. Transparency: NeuralMetrics ensures underwriters know precisely where their data comes from, making the process more transparent.

A Real-World Analogy 🌍

Imagine you're a landlord (maybe some of you are!). You'd want to know about your potential tenants. NeuralMetrics does something similar but for commercial properties. It tells insurers about the businesses that occupy their properties, helping them set the right coverage and price.

In a Nutshell 🥜

NeuralMetrics is like that genius kid in class who always had the answers. It's making the underwriting process more intelligent, faster, and transparent. And it's a big step forward in making insurance more accurate and efficient.

AI Tool review

🚀 Spotlight on VenturusAI: A Game-Changer for Startups!

Introducing VenturusAI, a cutting-edge platform designed to supercharge startups and small businesses. Powered by advanced AI models, VenturusAI offers instant feedback on business ideas, comprehensive analysis, and tailored strategies. From understanding your target audience to generating innovative ideas, it's an all-in-one solution for budding entrepreneurs. I took this tool for a test ride this week.

How it can help Startups and Small Businesses:

1. Idea Validation: Startups can quickly validate their business ideas using the platform's AI-driven feedback mechanism.

2. Audience Insights: Businesses can create products or services that resonate more effectively by understanding their target audience.

3. Guided Business Strategies: Startups can benefit from the platform's business strategy recommendations, helping them navigate the early stages of their venture.

4. Branding Assistance: With VenturusAI’s marketing and branding guidance, startups can establish a strong brand presence.

Pros:

  • AI-Driven Analysis: Leveraging advanced AI models ensures that the feedback and analysis are data-driven and comprehensive.

  • All-in-One Platform: From idea validation to marketing guidance, VenturusAI offers a range of tools in one platform.

  • Save money on business consultants and save time spent on research.

Cons:

  • Dependency on AI: While AI-driven analysis is robust, it might not capture the nuances and intricacies of every business idea and market.

  • Generic Recommendations: Some recommendations may be generic and not tailored to specific industries or niches.

VenturusAI offers a comprehensive platform for startups and small businesses to validate and refine their business ideas. While it has numerous advantages, startups should consider supplementing the platform's insights with human expertise and industry-specific knowledge.

Must Read

Must Listen

Humor

That is it for this edition of the newsletter. Subscribers of our email edition get our newsletter first, and it stays in your mailbox as a future reference. 

We welcome your comments and feedback to improve ([email protected]).

Until next time, keep learning, applying, and experimenting with AI!

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