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October 23, 2023
Every week, AI Business brings you the latest startup news.
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Zhipu (Beijing Zhipu Huazhang Technology Co.) developed Qingyan, a Chinese chatbot to rival OpenAI’s ChatGPT. Zhipu also develops its own open source AI models.
Latest funding: 2.5 billion yuan or $340 million (from Bloomberg)
Investors: Alibaba, Tencent, Ant Group, Xiaomi, HongShan (formerly Sequoia China), food delivery firm Meituan
Baichuan is a Chinese startup founded by Wang XiaoChuan, former CEO of Sogou, a technology subsidiary of Tencent.
Baichuan builds large language models and was the startup behind the 13 billion parameter Baichuan-13B model, which boasts faster inference speeds than Meta’s Llama in Chinese tests.
Latest funding: $300 million (from Bloomberg)
Investors: Alibaba, Tencent, Xiaomi, Shunwei Capital
New York-based Prove Identity (formerly Payfone) offers digital identity verification and authentication solutions.
Its solutions work by aligning data from a user’s smartphone to authenticate them. Its tech is used across a variety of sectors, including payments, gaming, insurance and health care.
Latest funding: $40 million, series not disclosed
Lead investors: MassMutual Ventures, Capital One Ventures
Funding plans: The funds will be used to launch new commerce enablement and fraud-fighting use cases and to fund Prove’s global expansion.
Toronto-based Lemurian Labs is attempting to build affordable computing platforms to power AI applications.
The early-stage startup was founded by former staff from Nvidia, Google, AMD, Microsoft and Intel. They claim their concept involves using a novel number system to speed up AI workloads by up to 20 times greater throughput at one-tenth the cost of running an application on traditional GPUs.
Latest funding: $9 million, venture round
Lead investor: Oval Park Capital
Other investors: Good Growth Capital, Raptor Group, Alumni Ventures, Untapped Ventures, Plug and Play Ventures, Silicon Catalyst Angels, Blue Lake Capital, Futureland Ventures, AI Operators Fund and Tola Capital
Funding plans: The cash will go towards the company’s plans to build its AI chips as well as software to process AI workloads more efficiently.
Italian startup Aindo creates solutions for synthetic data generation. Its data platform collates synthetic data that companies can use to enrich existing knowledge bases or train AI models.
Latest funding: $6.3 million, series A
Lead investor: United Ventures
Other investors: Vertis SGR
Funding plans: Aindo plans to hire new staff and continue the development of its AI solutions.
Read more about:ChatGPT / Generative AI
Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.
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