FoF Specials – Generative AI Gazette | Edition #3 – July 2023
Summary of generative AI news from the month of July 2023
Greetings, fintech enthusiasts and AI aficionados! 🤖
July had a whirlwind of exciting developments in the world of generative AI, with the landscape witnessing a surge of partnerships, funding activities and product innovations. From strategic alliances that promise groundbreaking innovations to hefty investments fueling the growth of AI startups, the momentum in this field is truly remarkable.
Amidst all these exciting advancements, it's crucial to note that there have been notable regulatory interventions in both the US and China. These developments shed light on the importance of carefully navigating the AI technology landscape.
Join us as we explore the latest trends shaping the future of Generative AI.🤖📰🚀
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But hold on, have you heard about the fascinating ways payment giant Stripe is embracing Generative AI? They're making some exciting moves, and we're here to spill the beans!
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Now, without further ado…
Here are the top 10 headlines from the Gen AI world in July 2023:
Alibaba Cloud introduces Tongyi Wanxiang, a generative AI text-to-image model for Chinese corporate customers, generating diverse images from natural-language prompts.💥💻
The Federal Trade Commission (FTC) has launched an investigation into OpenAI's ChatGPT bot, raising concerns over potential violations of consumer protection laws and the personal reputation risks associated with its use.🔍🤖
China's top internet watchdog, the Cyberspace Administration of China, has released updated guidelines to regulate generative AI, making it one of the first countries in the world to do so. These rules govern the technology behind popular services like ChatGPT . 📚📢
With the successful closure of its Series B funding round, Typeface, a generative AI platform for enterprise content creation, has secured $100 million, which will be used to scale its generative AI platform and meet the growing demand from enterprises around the globe.💪📊
SAP invests in generative AI players Anthropic, Cohere, and Aleph Alpha to enhance text-analysing AI for its products, aligning with a $1 billion commitment to support AI-powered enterprise tech startups and create an AI ecosystem for business transformation.💰💪
Zhipu AI, a Chinese contender to OpenAI, has secured funding from Meituan, the country's food delivery giant. The partnership is expected to grant Meituan access to talent and AI expertise while enabling Zhipu AI to tap into Meituan's extensive user base of 450 million consumers for potential growth prospects.💰💡
Ready for more? Check out these power players who are going all-in on Generative AI:
Singlife and Microsoft launched the SCP program, supporting insurtech startups in adopting generative AI for scalable insurance distribution and regulatory compliance, with mentorship, technical guidance, and collaboration opportunities.💰💡
AWS and Accel launched ML Elevate 2023, an accelerator program for generative AI start-ups, providing access to AI models, mentorship, resources, up to $200,000 in AWS Credits, and a dedicated demo week for fundraising opportunities. Start-ups with an MVP and seeking funding within 12-18 months can apply.💰
Google has selected 20 Indian startups for the seventh class of its Google for Startups Accelerator: India, focusing on generative AI. The company will offer these startups mentorship and support around AI/ML, cloud, UX, Android, web, product strategy, and growth for the next three months.🌟💸
Indian food delivery unicorn, Swiggy is building generative AI-led solutions for its ecosystem of restaurants and delivery partners that will help in cutting down total operational costs.💸🌌
Generative AI Word Of The Week: Tongyi Wanxiang 🖼
As you may have read above, Tongyi Wanxiang is the name of Alibaba Cloud's new generative AI offerings for enterprises. But what does it mean?
Tongyi in Mandarin means 'to unite or integrate', and Wanxiang means 'tens of thousands of images'. Put the two together, and it pretty much describes what the model does.
As per the press release – The generative AI model is adept at handling various tasks, responding to text prompts in Chinese and English to generate detailed images in an array of styles, encompassing watercolours, oil and Chinese painting to animation, sketch, flat illustration, and 3D cartoons. Moreover, the model can transform any image into a new one with a similar style and stylize images through style transfer, which preserves the content of the original image while applying the visual style of another picture.
Take note, DALL-E and MidJourney! 👀
That's all for now!🤘
We hope you enjoyed this edition!
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