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Indian-origin man's unicorn Builder.ai used 700 people for coding work it said was AI-powered

Inshorts · 2m ago

Indian-origin man's unicorn Builder.ai used 700 people for coding work it said was AI-powered

Builder.ai, Indian-origin Sachin Dev Duggal's now-bankrupt unicorn, used 700 Indian engineers for coding work which it claimed AI was doing "at a fraction of cost and time". Ebern Finance Founder Bernhard Engelbrecht claimed the final product "constantly glitched, code was unreadable, and functions didn't work". The Microsoft-backed startup got $445-million funds "with this scam's help", he added.

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Want to see if we can work together?: Deepinder on man's feedback for Zomato's new feature

Inshorts · 8m ago

Want to see if we can work together?: Deepinder on man's feedback for Zomato's new feature

Zomato Founder Deepinder Goyal responded to a man's feedback on the company's new 'Food Rescue' feature which allows people to buy cancelled food orders. One of the man's suggestions was to exempt cash-on-delivery orders. "All this and more already in place. Good thinking...Would love to know you more, and see if we can work together? DM me please." Goyal replied.

Microsoft-backed Indian unicorn files for bankruptcy as investor takes ₹318 cr from accounts

Inshorts · 2m ago

Microsoft-backed Indian unicorn files for bankruptcy as investor takes ₹318 cr from accounts

Builder.ai, an AI unicorn founded by Indian entrepreneurs and backed by investors like Microsoft and Qatar Investor Authority, has filed for bankruptcy. The startup's CEO Manpreet Ratia said they took the decision as Viola Credit, which gave Builder.ai $50-million debt last year, had taken $37 million (over ₹318 crore) from the startup's accounts. The startup was once valued $1 billion.

We are all stuck in a pyramid scheme fuelled by AI FOMO

Livemint

Livemint · 1m ago

We are all stuck in a pyramid scheme fuelled by AI FOMO

The article discusses the current frenzy for AI investment, highlighting how people often overlook the limitations and errors of generative AI like ChatGPT. It illustrates this through the story of Builder.ai, a company valued at $1.5 billion, which falsely claimed to have an AI-driven solution for app design when it was actually relying on 700 human engineers. The article humorously compares this situation to low-tech, manual operations disguised as high-tech solutions.

Death threats make 20% of my inbox: Indian-origin CEO who spoke about 84-hr workweek

Inshorts · 8m ago

Death threats make 20% of my inbox: Indian-origin CEO who spoke about 84-hr workweek

Indian-origin CEO of Greptile, Daksh Gupta, revealed death threats make up for 20% of his inbox while job applications constitute 80% after he said his company offers no work-life balance. "Typical workdays start at 9 am and end at 11 pm...and we work Saturdays, sometimes also Sundays," he said earlier. He said this working arrangement isn't supposed to last forever.

India needs more electricians, nurses; not Economics degree: Vembu

Inshorts · 8m ago

India needs more electricians, nurses; not Economics degree: Vembu

Zoho CEO Sridhar Vembu said India needs to value people who do hands-on work, including electricians, plumbers, welders and nurses. "We need people who build things. We don't need more Economics or Political Science or History majors," he said in a post on X. Vembu was commenting on Musk's old statement advocating for hands-on jobs over college degrees.

Don't tell Gen Z the ChatGPT hype bubble is over

Business Insider

Business Insider · 1y ago

Don't tell Gen Z the ChatGPT hype bubble is over

According to a recent Pew survey, ChatGPT usage has increased among Gen Z, with 43% of Americans aged 18-29 stating they have used the chatbot, up from 33% in July last year. Interestingly, almost a third of young people claim to have used ChatGPT for work-related tasks. This suggests that young people are more open to embracing new technologies and are finding practical applications for AI-powered chatbots. These findings challenge the assumption that interest in AI has declined and highlight the need to consider multiple data points when analyzing trends.

Europe's largest fintech firm froze recruitment because its AI assistant is so good — Klarna's AI bot does the work of 700 people and no, it's not connected to the layoff of 700 employees in 2022

Techradar

Techradar · 1y ago

Europe's largest fintech firm froze recruitment because its AI assistant is so good — Klarna's AI bot does the work of 700 people and no, it's not connected to the layoff of 700 employees in 2022

Swedish fintech company Klarna has announced that its AI-powered chatbot handled two-thirds of customer service chats in its first month. The chatbot, powered by OpenAI, is said to be on par with human agents in terms of customer satisfaction score and has led to a 25% drop in repeat inquiries. Klarna claims that the AI is now doing the work of 700 full-time agents and has driven a $40 million profit improvement. However, the company emphasizes that the switch to AI is not related to previous workforce reductions and urges society to consider the consequences of AI technology carefully.

India startup's CEO says Co-founder has bed 3ft away, codes till 2am; criticised

Inshorts · 10m ago

India startup's CEO says Co-founder has bed 3ft away, codes till 2am; criticised

Vaani Research's CEO Tushar S, in a LinkedIn post, said his AI startup's Co-founder Abhinash Khare has his bed three feet away from his computer systems and begins coding "as soon as he wakes up". "No water, no morning routine - straight to work," Tushar said. Reacting to his post, users said, "This is new way of praising toxic culture."

Here’s the list of India’s 10 highest funded startups of 2023

Inc42 · 1y ago

Here’s the list of India’s 10 highest funded startups of 2023

India's startup ecosystem witnessed a 75% decline in funding in Q1 2023, continuing the prolonged funding winter. Only one unicorn was minted in 2023 compared to 21 in 2022 and 44 in 2021. Despite the challenges, some startups managed to secure significant funding deals. The top 10 highest-funded startups of 2023 include PhonePe ($850M), Lenskart ($600M), DMI Finance ($447M), Ola Electric ($384M), Builder.ai ($250M), InsuranceDekho ($210M), Perfios ($229M), Zepto ($200M), Zetwerk ($120M), and Mintifi ($110M). These investments will support various sectors such as fintech, e-commerce, and manufacturing in their growth plans.

AI fails to detect depression signs in social media posts by Black Americans, study finds

Reuters · 1y ago

AI fails to detect depression signs in social media posts by Black Americans, study finds

Analyzing social media using artificial intelligence (AI) may be effective in detecting signs of depression in white Americans but not in Black Americans, according to a study. The study highlights the importance of diverse racial and ethnic data when training AI models for healthcare tasks. The AI model used in the study was over three times less accurate in predicting depression in Black people compared to white people. The researchers noted the neglect of race in previous work on language-based assessment of mental illness. Social media data cannot diagnose depression but can be used for risk assessment.

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