Menlo Ventures and Anthropic Launch $100M AI Fund, Meta Unveils Llama 3.1, and OpenAI in Talks to Develop New AI Chip.

Happy Thursday everyone!

Welcome to AI Weekly Digest ?? Your essential AI briefing, carefully curated by me, Rubén Colomer , AI Specialist and GP at Next Tier Ventures. Stay ahead of the curve with the latest AI breakthroughs, key funding news, innovative tools, thought-provoking reads, must-attend events, and the best AI job opportunities - it's all here!If you want to stay updated on all things related to artificial intelligence, subscribe here.

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This newsletter will be 'on holiday' during August, but we'll be back with new content starting in September. Stay tuned!

News ?????

• Silicon Valley VC, Menlo Ventures and Anthropic, have launched a $100 million fund to invest in early-stage AI companies . Menlo recently became Anthropic’s top backer, closing a funding round exceeding $750 million.
• Meta Unveils Llama 3.1: Next-Generation AI Model . Meta introduces Llama 3.1, its most powerful open-source AI model, with improved capabilities in general knowledge, math, multilingual translation, and tool use. Llama 3.1 405B offers enhanced context length, support for eight languages, and superior flexibility and control.
• OpenAI has launched GPT-4o mini, a smaller, cheaper, and faster AI model available now for developers and consumers, with enterprise access next week. It outperforms other small AI models in text and vision reasoning tasks and will replace GPT-3.5 Turbo as OpenAI's smallest model. GPT-4o mini scores higher on benchmarks like MMLU and MGSM compared to its competitors.
• Hugging Face has released SmolLM, a new series of compact language models with 130M, 350M, and 1.7B parameters . These models are optimized for local devices like laptops and phones, reducing the need for cloud resources and cutting energy consumption. SmolLM models outperform others like Qwen2 and Phi 1.5 in efficiency and performance
• Startup Valencia , the organizer of the international tech event VDS , which will hold its seventh edition on October 23-24 at the City of Arts and Sciences in Valencia, has announced the Top 50 of its international startup competition featuring Artificial Intelligence . These innovative and tech-driven companies were selected from over 800 applications submitted this year from 65 different countries.
• OpenAI is in talks with Broadcom and others to develop a new AI chip for servers. This aims to boost computing power and address GPU shortages. They are hiring former Google engineers experienced with tensor processing units. Previous efforts to raise $7 trillion for a new chip venture led to considering partnerships with established companies, aiming to challenge Nvidia's market dominance.

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Funding ????

• Cohere , a generative AI startup founded by former Google researchers, has raised $500 million from investors including Cisco, AMD, and Fujitsu. The funding round, also supported by PSP INVESTMENTS USA LLC and EDC, values the Toronto-based company at $5.5 billion, more than doubling its June 2023 valuation. This brings Cohere's total funding to $970 million.
• Defense tech startup Saronic announced today that it has successfully raised $175 million in a Series B funding round . The funding round was led by venture capital firm Andreessen Horowitz, with participation from other firms including 8VC, Caffeinated Capital, Elad Gil, and NightDragon, according to a company statement.
• Monarch Tractor , which develops a fully electric, driver-optional smart tractor, has raised $133 million in a Series C round led by Astanor and HH-CTBC Partnership L.P., with additional investments from At One Ventures, PMV, and The Welvaartsfonds.
• Harvey , a startup developing an AI-powered "copilot" for lawyers, has raised $100 million in a Series C round led by Google Ventures . The round also saw participation from OpenAI, Kleiner Perkins, Sequoia Capital, Elad Gil, and SV Angel, valuing the firm at $1.5 billion
• Digital First AI, a marketing technology startup based in Poland, has raised $3.8 million in its latest funding round led by 4growth VC , with participation from Plug and Play Tech Center , Sher Ventures USA, Hub71 UAE Partner, and the owners of McCANN Poland Group and 45Avenue Group.
• @Leya, a Stockholm-based company that developed a generative AI product to automate repetitive tasks for lawyers, has raised $25 million in a Series A round led by Redpoint Ventures , with participation from Benchmark , Y Combinator tor, Wayfinder Ventures , and new investor Alt Capital .
• Loyal Healthcare , a healthcare technology company focused on digital patient engagement, has closed on a $33.5 million Series B financing round with support from existing investors Concord Health Partners and multiple strategic investors.
• Arcee AI, focusing on small language models, has raised $24 million in a Series A round led by Emergence Capital . The company also launched Arcee Cloud, a SaaS version of their platform, complementing the existing Arcee Enterprise deployment option.
• Splight AI, a grid operations startup, has closed a $12 million seed funding round led by Noa , with participation from Elewit , EDP Ventures , Draper Cygnus , Draper B1 , Ascent Energy Ventures , Fen Ventures , Reaction Global, BARN INVESTMENTS , and the UC Berkeley Foundation.

M&A ??

• Commure , a healthcare technology company, announced plans to acquire Augmedix, a healthcare AI company founded in 2013, for $139 million . This acquisition gives Commure a foothold in the competitive AI medical scribe market.
• Sinecure, a technology-powered talent advisory, announced today it has acquired recruitment services firm Strategy Source to enhance its market position by combining AI with experienced advisors.
• IntelliAM AI, an AI software company, has acquired 53 North . The South Yorkshire group uses AI to help manufacturers increase the operating efficiency of their assets. IntelliAM AI was admitted to the Aquis Stock Exchange yesterday with a market capitalization of just over ￡15 million.
• Blend, a premier AI solutions provider, has acquired nuvu, a leader in applied AI based in Colombia , as part of its continued global expansion. This acquisition significantly enhances Blend's ability to deliver advanced AI solutions to Fortune 500 clients worldwide.

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Interesting Reads ????

• How To Use AI to Track Your Startup’s KPIs , Enhance Ops and Impress Investors
• AI and energy: Will AI help reduce emissions or increase demand? Here's what to know.
• How to Use AI for Data Governance (Use Cases & Tools)
• McKinsey Technology Trends Outlook 2024
• How AI Is Being Used to Improve Cybersecurity for Businesses of All Sizes Discussing the role of AI in cybersecurity, the challenges that cybersecurity teams are facing and future trends that governments and businesses need to be aware of.
• What is Apple Intelligence, when is it coming and who will get it?

Practical AI ????

• How to connect any API to ChatGPT using the GPT Builder. No code needed, no programming needed. In this video, we dive deep into the world of ChatGPT and explore the exciting possibilities of API integration using the powerful GPT Builder tool. Whether you're a developer, a tech enthusiast, or just curious about the capabilities of AI and ChatGPT, this guide is tailored just for you!

Tools ?????

• Chatbase : Custom ChatGPT for your website. Build a custom GPT, embed it on your website and let it handle customer support, lead generation, engage with your users, and more.
• Haiper 1.5 is an AI tool for generating 8-second video clips from text, image, and video prompts. It enhances content creation by offering longer clips and high-quality output, competing with tools like RunwayML and Sora.
• Meetgeek.ai Automagically video record, transcribe, summarize, and share granular insights from every meeting to any tool.
• Fastn : No-code, AI-powered orchestration platform for developers to connect any data flow and create hundreds of app integrations.
• Cohesive : Enable outbound at scale with AI enrichment and web scraping, all within Google Sheets.

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AI Jobs ????????

• Senior Product Manager, Core Machine Learning (Google) - Sunnyvale, CA, USA; Kirkland, WA, USA - $168,000-$252,000 + bonus + equity + benefits.
• Staff Machine Learning Engineer (Angi) - Washington, DC - Remote - $200,000 - $280,000
• Director, Experience Cloud AI Product Marketing (Adobe) - San Jose, California, USA - 136,600 - $297,600 annually
• Staff Software Engineer, Machine Learning (Discord) - San Francisco, United States - Remote - $246,000 to $270,400 + equity + benefits.

Events ????

VDS (October 23-24) - Valencia, Spain *SPONSOR*Valencia Digital Summit is a major technology event that gathers innovators, entrepreneurs, and business leaders from around the world to discuss the latest trends and advancements in digital technology. This year, artificial intelligence will be a fundamental focus, with dedicated sessions exploring its transformative impact across various industries. Attendees will have the opportunity to engage with AI experts, participate in workshops, and discover innovative AI applications that drive business growth and societal advancement.You can get tickets here , become a sponsor or exhibitor , submit a call for speakers , or join the startup competition .

• Conversational AI Innovation Summit (September 5-6) - San Francisco, CA, USA Focused on the latest advancements in conversational AI technologies such as chatbots and virtual assistants. The summit brings together industry leaders to discuss innovations and applications in this rapidly evolving field.
• K1st World Symposium (September 5-6) - Stanford, CA, USA An international symposium addressing key topics in AI research, development, and policy. This event will feature expert talks, panel discussions, and networking opportunities for AI professionals and researchers.
• Generative AI for Automotive USA 2024 (September 9-11) - Detroit, MI, USA A conference dedicated to exploring the applications of generative AI in the automotive industry, focusing on innovations in vehicle design, manufacturing, and user experience enhancements.
• AI Hardware & Edge Summit (September 9-12) - San Jose, CA, USA This summit will cover the latest advancements in AI hardware and edge computing technologies. Industry experts will discuss new developments, applications, and future trends in the field.
• AI for Defense Summit (September 11-12) - Washington, DC, USA A specialized summit focusing on the use of AI in defense and national security. Discussions will include AI-driven defense strategies, ethical considerations, and technological advancements.
• Machine Learning in Quantitative Finance (September 16-18) - Amsterdam, Netherlands A conference dedicated to the application of machine learning in quantitative finance, featuring expert talks, case studies, and panel discussions on the latest trends and challenges in the field.
• Responsible AI Summit (September 16-18) - London, UK This summit will focus on the ethical, legal, and social implications of AI. Topics include AI governance, transparency, and the development of responsible AI practices.
• AI for Pharma and Health Care (September 24-26) - Amsterdam, Netherlands A conference exploring the applications of AI in the pharmaceutical and healthcare industries, including drug discovery, diagnostics, and patient care improvements.

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Stay tuned for more AI insights and updates in the next issue of AI Weekly Digest!. Until then, keep exploring the exciting world of artificial intelligence.