AI Business Weekly - August 20, 2024 Edition

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Hello AI Enthusiasts,

Welcome to this week’s edition of AI Business Weekly, where we bring you the most significant developments in artificial intelligence. This week, we explore the accelerating pace of AI innovation, the critical need for enhanced security measures, and the latest investments driving growth in the AI sector. As AI continues to reshape industries, staying informed is more important than ever. Let's dive into the key updates from the past week.

AI Innovations and Research Advances

  • AI Innovation is Outpacing Security: A recent PSA Certified report for 2024 highlights a growing concern: while AI innovation continues to accelerate, security measures are struggling to keep pace. The report indicates that 71 percent of AI-driven cyber threats are becoming significant risks, particularly as AI's proliferation at the edge increases attack surfaces. This security gap needs to be addressed for organizations to fully realize AI's potential. Read more.

    WalkMe Enhances Its Award-Winning Copilot, WalkMe(X): WalkMe (NASDAQ: WKME), a leading provider of digital adoption solutions, has unveiled new capabilities in its Summer ‘24 product release, focusing on AI innovation. These enhancements, part of WalkMeX, the world's first copilot with contextual AI assistance, aim to provide users with proactive and on-demand AI support across any application. Read more.

    Agentic AI Strives to Automate the Scientific Process: The AI Scientist, an agentic AI, is pushing the boundaries of what's possible by automating scientific research processes. This groundbreaking AI-driven system represents a significant leap forward in generative AI and large language models, but it also comes with potential pitfalls. Read more.

    U of T Develops AI Model to Predict Peptide Structures: Researchers at the University of Toronto have created PepFlow, a deep-learning model that predicts the dynamic structures of peptides. This model combines machine learning with physics to map out potential folding patterns, which could have significant implications for understanding biological functions. Read more.

    Why AI Models Are Collapsing and Its Implications: Despite AI's revolutionary impact, there is growing concern over "model collapse" – a phenomenon that could threaten the future of AI. This issue is becoming increasingly relevant as AI models, such as ChatGPT and Google Gemini, struggle with maintaining accuracy and reliability. Read more.

Investments and Growth

  • Radical Ventures Launches $800M AI Growth Fund: Toronto-based Radical Ventures has launched an $800 million USD growth fund focused exclusively on AI startups. This fund aims to support the growth of AI-driven companies at the forefront of technological innovation. Read more.

  • Sahara AI Raises $43M in Funding Round: Los Angeles-based Sahara AI, a decentralized AI network, secured $43 million in a funding round led by top venture capital firms. This new capital will help the company expand its AI capabilities and market reach. Read more.

  • CIBC Innovation Banking Invests $10M in Boosted.ai: Toronto's Boosted.ai has received a $10 million investment from CIBC Innovation Banking. This capital infusion will support the company's expansion across the Canadian and US markets, enhancing its AI-driven investment management solutions. Read more.

  • Consensus Secures $11M for AI Search Engine: Consensus, a startup developing an AI-powered search engine for academics, has raised $11 million in funding. This investment will help transform how scholarly information is discovered and accessed online. Read more.

  • EliseAI Reaches Unicorn Status with $75M Series D; EliseAI, a conversational AI platform, raised $75 million in a Series D funding round, pushing its valuation beyond $1 billion. The New York-based company plans to expand its AI platform beyond the housing industry into healthcare. Read more.

Minna Song, ElisAI's CEO and co-founder.

  • African Union Unveils Continental AI Strategy: The African Union has introduced a new AI strategy designed to drive socio-economic transformation across the continent. This initiative aims to create jobs and fuel innovation by leveraging AI technology. Read more.

  • Businesses Balancing AI Innovation and Ethics, Deloitte Reports: Deloitte's latest survey reveals that businesses are striving to balance AI innovation with ethical considerations. This trend highlights the growing importance of responsible AI development in corporate decision-making. Read more.

  • London Emerges as Europe's Generative AI Hub: According to a recent report, London has become Europe's largest hub for generative AI, with nearly 30% of new AI startups located in the UK capital. This growth underscores London's leading role in the AI revolution. Read more.

  • OpenAI Takes Down Iranian Group's ChatGPT Accounts: OpenAI has deactivated the ChatGPT accounts of an Iranian group accused of using the chatbot to influence the U.S. presidential election. This action reflects the ongoing challenges of AI governance in politically sensitive contexts. Read more.

  • Wyoming Voters Face AI-Driven Mayoral Candidate: In a unique political twist, voters in Wyoming's capital are considering a mayoral candidate who proposes to let an AI bot run the local government. This raises intriguing questions about the role of AI in public administration. Read more.

London is Europe’s biggest hub for generative AI, report finds

Latest AI Feature Releases

  • Google Unveils AI-Powered Android Update and New Pixel 9 Phones: Google has launched its first AI-driven Android update, alongside the release of the new Pixel 9 phones. The company’s Gemini AI is at the core of these innovations, offering a completely revamped assistant experience. Read more.

  • Luminar Neo Fall Release Brings New AI Features: Luminar Neo's Fall release introduces exciting AI features, including color transfer capabilities and a smart search tool. These innovations enhance both creative and practical workflows for users. Read more.

  • Apple Showcases New AI Features in iOS 18.1 Beta: Apple has released a beta version of iOS 18.1, offering developers a first look at its new AI-driven features. These enhancements signal Apple's continued push into AI integration across its product ecosystem. Read more.

  • Amazon Launches AI Tool for Sellers to Generate Product Descriptions: Amazon's new generative AI feature allows sellers to create detailed product listings with minimal effort. By automating the content creation process, Amazon is helping sellers optimize their product pages for better performance. Read more.

  • Best Buy Introduces AI-Powered Delivery Tracking: Best Buy has rolled out AI-powered live tracking for product deliveries and in-home installations, offering customers enhanced visibility and convenience in their shopping experience. Read more.

Closing Thoughts

This week’s edition underscores the dual-edged nature of AI innovation: while it continues to drive remarkable advancements across various sectors, it also brings new challenges, particularly in security and ethical considerations. As AI continues to evolve, it is crucial for businesses and policymakers alike to stay vigilant and proactive in addressing these emerging issues. Thank you for reading AI Business Weekly—stay tuned for more insights next week!