Inflection AI, a startup backed by prominent Silicon Valley investors, announced on Thursday that it has secured $1.3 billion (approximately Rs. 10,670 crore) in funding, with Microsoft and Nvidia among the key contributors. This significant investment comes at a time when the artificial intelligence (AI) sector is experiencing a surge in growth.
The funding, which consists of both cash and cloud credits, has valued Inflection AI at $4 billion (approximately Rs. 32,840 crore), according to a source familiar with the matter. The company, founded by Mustafa Suleyman, co-founder of Google DeepMind, and Reid Hoffman, co-founder of LinkedIn, recently introduced its chatbot Pi. With a focus on developing consumer-facing AI products, Inflection AI is considered a top rival to OpenAI.
Pi utilizes generative AI technology, similar to ChatGPT, to facilitate user interactions through dialogues and enables individuals to ask questions and provide feedback. Inflection AI’s goal is to create a personal AI assistant that assists people with planning, scheduling, gathering information, and other tasks.
Headquartered in Palo Alto, California, Inflection AI currently employs around 35 staff members. The company previously raised $225 million (approximately Rs. 1,850 crore) in its initial funding round in early 2022, with investments from Greylock, Microsoft, and Reid Hoffman.
Recently, Inflection AI published a report on its model Inflection-1, which powers the Pi chatbot. The report claims that the model has outperformed many existing models available in the market.
The majority of the newly secured funds will be allocated to enhancing its computing power for developing a more advanced foundational model, as stated by Mustafa Suleyman, the CEO of Inflection AI. Suleyman revealed during the Collision Conference that the company plans to build a cluster of around 22,000 H100s, which is roughly three times more powerful than the computing power used to train GPT4. Suleyman emphasized that speed and scale are crucial in building a distinct product.
The AI industry has garnered significant attention as OpenAI’s ChatGPT gained viral popularity in late 2022. As companies explore ways to integrate AI technology into their operations, numerous investors have shown interest in this burgeoning sector. Regulators, on the other hand, are contemplating how to address the implications of this technology.
In addition to being an existing investor and supporter of OpenAI, Microsoft participated in Inflection AI’s latest funding round. Nvidia, which has recently ramped up its AI investments, along with Reid Hoffman, Bill Gates, and former Google CEO Eric Schmidt, also contributed to the funding, according to Inflection AI.
© Thomson Reuters 2023
On a separate note, Apple unveiled its inaugural mixed reality headset, the Apple Vision Pro, at its annual developer conference. The event also showcased new Mac models and upcoming software updates. To delve deeper into all the key announcements made by Apple at WWDC 2023, tune in to Orbital, the Gadgets 360 podcast. Orbital is available on popular podcast platforms such as Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music, and more.
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