Most Read: Microsoft, Amazon, IBM Pledge to Publish AI Safety Measures, Elon Musk’s xAI Raises $6B Valuing Company at $24B

Also inside, study finds AI legal tools frequently hallucinate answers, AI translation startup raises $300M and more

Liz Hughes, Editor, IoT World Today and AI Business

May 31, 2024

3 Min Read
Getty Images

Here are the most-read stories on AI Business this week:

Microsoft, Amazon, IBM Pledge to Publish AI Safety Measures for Models

Leading technology companies including Microsoft, Amazon and IBM have pledged to publish the safety measures they’re taking when developing foundation models.

During the AI Safety Summit in Seoul, Korea, 16 companies agreed to publish safety frameworks on how they’re measuring AI risks as they’re building AI models.

The companies have all agreed not to develop or deploy an AI model if the risks it poses cannot be controlled or mitigated.

The pledge applies to foundation or “frontier” models — an AI model that can be applied to a broad range of applications, usually a multimodal system capable of handling images, text and other inputs.

Read more about their decision>>>

Elon Musk xAI Raises $6B, Valuing Company at $24B

Elon Musk’s xAI has raised $6 billion in a series B funding round, bringing the company’s valuation to $24 billion.

The company made the announcement Sunday saying the funds will be used to bring xAI’s first products to market and build advanced infrastructure, as well as accelerate the research and development of future technologies. 

Key investors include Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding.

Find out more about what xAI is developing >>>

AI-Powered Supply Chain Management Aids Pharmaceutical Company

Pharmaceutical group Servier has selected Kinaxis, a developer of AI-powered supply chain management software, to improve transparency and visibility across its supply chain and accelerate time to market for its portfolio of drugs. 

Under the collaboration, Kinaxis will provide its software to allow Servier to connect and orchestrate its network end-to-end, from planning to last-mile delivery.

Kinaxis’ cloud-based software-as-a-service platform is designed to be a one-stop-shop for businesses to collect and monitor data on assets, coordinate supply chains and generate reports on trends over time.

Find out more about the collaboration’s impact on the supply chain >>>

A new study from researchers at Stanford University found that AI-powered legal tools generate hallucinations in one in every six queries. 

Stanford’s RegLab and Institute for Human-Centered Artificial Intelligence (HAI) analyzed the effectiveness of AI-powered legal tools from LexisNexis and Thomson Reuters.

The researchers found that despite being advertised as bespoke legal AI tools, they produced false or incorrect information “an alarming amount of the time.”

Find out more about the Stanford University study >>>

AI Translation Startup Raises $300M, Valuation Grows to $2B

DeepL has raised $300 million in a venture funding round to help businesses use AI to translate content at scale.

Founded in 2017, DeepL is a German startup developing AI-powered translation tools. 

Businesses can use its Language AI platform to translate communications including marketing materials quickly.

Index Ventures led the round, joined by ICONIQ Growth and Teachers’ Venture Growth. Existing investors IVP, WiL and Atomico also participated.

The latest funding raises DeepL’s valuation to $2 billion.

Discover more about DeepL >>>

About the Author(s)

Liz Hughes

Editor, IoT World Today and AI Business

Liz Hughes is an award-winning digital media editor with more than three decades of experience in newspaper, magazine and online media industries. 

A proven digital media strategist and editor, Liz has produced content and offered editorial support and leadership for a variety of web publications, including Fast Company, NBC Boston, Street Fight, QuinStreet, WTWH Media, AOL/Patch Media and Design News.

A skilled social media strategist experienced in developing and maintaining an audience across multiple platforms and brands, Liz also enjoys sharing her knowledge and expertise to help businesses small and large.

Keep up with the ever-evolving AI landscape
Unlock exclusive AI content by subscribing to our newsletter!!

You May Also Like