AI Edition - It's AI Time - 100 [23-07-2024]

 AI Edition - It's AI Time - 100

Cohere sees valuation soar to $5.5B after new funding round

Cohere, a Canadian AI startup focused on large language models, has reached a $5.5B valuation following a $500M Series D funding round. The new funds aim to enhance its enterprise-grade AI tech for global business efficiency. Key investors include PSP Investments, Cisco, Fujitsu, AMD Ventures, and EDC.

Figma AI Update

Figma briefly rolled back its 'Make Designs' AI feature from its limited beta after realizing it generated UI designs that too closely resembled existing apps. The feature uses off-the-shelf AI models like GPT-4 and Amazon's Titan and it needs refinement to ensure originality. Figma aims to re-enable the feature with improved QA processes to better assist designers in leveraging AI for efficient design creation.

ElevenLabs Turbo 2.5 model

ElevenLabs has introduced a new model, Turbo 2.5, that unlocks high-quality low-latency conversational AI for nearly 80% of the world - Hindi, French, Spanish, Mandarin, and 27 other languages. For the first time, it supports Vietnamese, Hungarian, and Norwegian text-to-speech. English is now 25% faster compared to Turbo v2.

Three Archetypes of AI Application Startups

AI applications are evolving into three common archetypes: AI Copilots that assist with tasks, AI Colleagues that autonomously manage specific tasks alongside human workers, and AI-Native Services which offer end-to-end services that integrate AI with human input. GitHub Copilot and Devin exemplify AI Copilots and Colleagues, aiding in coding and engineering, respectively. AI-Native Services, such as Pilot for bookkeeping, compete with traditional service firms by offering automated solutions in areas like law and accounting.