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Spain's Multiverse raises $217 million for compressing AI models

Economic Times

Economic Times · 23d ago

Spain's Multiverse raises $217 million for compressing AI models

Spanish AI firm Multiverse Computing has secured €189 million ($217 million) from investors including Bullhound Capital, HP Inc, Forgepoint Capital, and Toshiba to advance its AI model compression technology. This innovation reduces large language model sizes by up to 95% without performance loss, cutting costs by 80%. The technology mimics quantum systems without requiring quantum computers. With this funding, Multiverse becomes Spain's largest AI startup, joining top European AI startups.

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Related News

Multiverse raises $27M for quantum software targeting LLM leviathans

TechCrunch · 1y ago

Multiverse raises $27M for quantum software targeting LLM leviathans

San Sebastian-based startup Multiverse Computing has raised €25m ($27m) in an equity funding round led by Columbus Venture Partners. The company's software platform, Singularity, is designed to optimise complex modelling and predictive applications, and can be applied across various sectors including finance, manufacturing, energy, cybersecurity and defence. Multiverse is now aiming to work more closely with AI firms, using Singularity to compress Large Language Models (LLMs) and speed up calculations while maintaining accuracy. The funding will be used to expand its existing business and develop new partnerships with AI companies.

Multiverse, the apprenticeship unicorn, acquires Searchlight to put a focus on AI

TechCrunch · 1y ago

Multiverse, the apprenticeship unicorn, acquires Searchlight to put a focus on AI

London-based unicorn Multiverse has acquired AI recruitment and sourcing platform Searchlight. Multiverse uses apprenticeship programmes to teach technology skills in the workplace and aims to utilise Searchlight's technology to expand its professional training services. The acquisition is reflective of the growing use of AI in work and education, focusing on developing efficient training services to address recruitment gaps. Notably, Amazon previously discontinued its AI recruitment tool due to inherent gender bias. Multiverse, founded by Euan Blair, boasts around 1,000 clients and was valued at $1.7bn in 2022. Financial details of the Searchlight deal were not disclosed, but the company raised nearly $20m in funding.

Healthcare startup Abridge raises $150 mln for AI model for clinicians

Reuters · 1y ago

Healthcare startup Abridge raises $150 mln for AI model for clinicians

Abridge, an AI-powered clinical documentation startup, has secured $150 million in a Series C funding round led by Lightspeed Venture Partners and Redpoint Ventures. This investment comes just four months after the company's previous funding round, and values Abridge at around $850 million. Abridge automates clinical notes and medical conversations for doctors and works with thousands of clinicians through partnerships with hospitals. The funding will be used for hiring and acquiring purpose-built medical AI models. Abridge's success reflects the growing demand for industry-specific AI models in areas such as healthcare.

LanceDB raises $30 million for multimodal AI data infrastructure

Economic Times

Economic Times · 11d ago

LanceDB raises $30 million for multimodal AI data infrastructure

LanceDB, an AI data infrastructure company, raised $30 million in a Series A funding round led by Theory Ventures, alongside CRV, Y Combinator, Databricks Ventures, and Runway. Their platform supports AI companies in developing multimodal AI models that process diverse data types such as text, video, images, and audio. As AI models expand, LanceDB plays a crucial role in managing cloud-based data systems, enabling sophisticated AI workflows that mimic human interaction with software applications.

AI language models can exceed PNG and FLAC in lossless compression, says study

Arstechnica

Arstechnica · 1y ago

AI language models can exceed PNG and FLAC in lossless compression, says study

In a recent study, researchers found that the DeepMind large language model (LLM), Chinchilla 70B, can perform better lossless compression than traditional algorithms designed specifically for the task. It was able to compress image patches to 43.4% and audio samples to 16.4% of their original sizes, outperforming the PNG and FLAC algorithms, respectively. The study suggests that language models like Chinchilla can be effective in compressing various types of data, expanding their potential beyond text prediction and writing. The relationship between compression and intelligence is also being explored, with some considering effective compression as a form of general intelligence.

Paytm halts postpaid loans, to focus on distribution-only model

Economic Times

Economic Times · 1y ago

Paytm halts postpaid loans, to focus on distribution-only model

Paytm has paused the distribution of postpaid loans since February, signaling a shift in its lending approach. The value of postpaid loans distributed dropped over 90% to Rs 720 crore in the March quarter of FY24. Paytm is becoming more cautious with its small-ticket size personal loans business due to deteriorating asset quality. The company will not disburse collections-based loans unless incentivized to do so through collections bonuses. It will focus more on distribution-only models for personal loans, compressing its take rates in the 3-3.5% range. This follows a regulatory crackdown by the Reserve Bank of India.

5 Innovative AI Startups from Y Combinator’s Winter 2023 Batch

Robots · 1y ago

5 Innovative AI Startups from Y Combinator’s Winter 2023 Batch

Y Combinator's winter 2023 batch features 217 startups, slightly fewer than the previous year due to reduced VC interest. Notably, there's a surge in AI startups, reflecting the growing demand and hype around AI technologies. Startups like Shadeform, Ceralyze, Sweep, Nowadays, and FleetWorks are addressing AI infrastructure, research paper automation, development tasks, event planning, and freight brokerage, highlighting AI's diverse applications and potential for innovation in various industries.

AI language models can exceed PNG and FLAC in lossless compression, says study

Arstechnica

Arstechnica · 1y ago

AI language models can exceed PNG and FLAC in lossless compression, says study

A research paper titled "Language Modeling Is Compression" reveals that DeepMind's large language model, Chinchilla 70B, can achieve better lossless compression on images and audio compared to the PNG and FLAC algorithms. The study suggests that language models like Chinchilla not only excel in text prediction but also in compressing other types of data. This brings forth the idea that effective compression is a form of general intelligence, as it involves identifying patterns and making sense of complexity. The relationship between prediction and compression is bidirectional, allowing compression algorithms to generate new data based on what they have learned. While the paper is not peer-reviewed, it highlights the potential applications of large language models in compression tasks.

Gen AI startup Sarvam AI raises $41 million in funding from Lightspeed, Peak XV and Khosla Ventures

Economic Times

Economic Times · 1y ago

Gen AI startup Sarvam AI raises $41 million in funding from Lightspeed, Peak XV and Khosla Ventures

Chennai-based startup Sarvam AI has raised $41 million in a Series A funding round led by Lightspeed Venture Partners, with participation from Peak XV (formerly Sequoia India and Southeast Asia) and Khosla Ventures. The funding marks the largest at this stage for an Indian AI startup. Sarvam AI focuses on developing its own generative artificial intelligence (Gen AI) models, with an initial emphasis on training models for Indian languages. The company aims to make generative AI relevant to India, addressing specific needs and adding value to the country.

Generative AI startup AI21 Labs raises $155M at a $1.4B valuation

TechCrunch · 1y ago

Generative AI startup AI21 Labs raises $155M at a $1.4B valuation

AI21 Labs, an Israeli startup, has raised $155 million in a Series C funding round led by Walden Catalyst, bringing its total funding to $283 million. The company's flagship product is AI21 Studio, a developer platform for building custom text-based business apps using its proprietary text-generating AI models. The company also offers Wordtune, a multilingual reading and writing AI assistant. AI21 Labs competes with companies like Google, AWS, Microsoft, and OpenAI in the generative AI space. The new funding will be used for R&D and expanding the company's workforce.

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