📬 02 - Generative AI: The next frontier for VC investing, Revolutionizing Payments: The Role of Generative AI
🪄 "Generative AI" is the buzzword of 2023
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Generative AI: The next frontier for VC investing
Is Generative Artificial Intelligence the Next Big Thing for Venture Capitalists? Pitchbook reports that venture capitalists have increased their investments in Generative AI by 425% since 2020, totaling $2.1 billion.
What is Generative AI?
The term generative artificial intelligence (AI) refers to algorithms (such as OpenAI’s generative AI chatbot ChatGPT, image creator DALL-E.) that can be used to generate new content or synthetic data in the form of audio, code, images, text, simulations, and videos. Recent breakthroughs in the field have the potential to drastically completely change how we approach content creation. Learn more here
Why generative AI is getting VCs all excited?
Because of decreasing interest in Web3, investors are looking for the next big thing, and the dip in larger VC investment activity isn't showing up on cap tables in the generative AI field. Following underwhelming results in the second half of 2022, Venture Capital investors are dusting off their checkbooks, with a growing interest in Generative AI investments. The essential parallels and approach to a multi-layer model in the market should be familiar to blockchain investors, creating a potentially appealing investment opportunity in the expanding market of foundation models and generative AI applications.
Generative AI in Healthcare
In healthcare, generative AI can be used to generate new medical images, such as X-rays or MRIs, as well as personalized treatment plans based on a patient's medical history and other factors. These two use cases have the potential to generate significant benefits in healthcare, such as streamlined drug discovery and development, personalized medicine, improved medical imaging, and population health management.
Revolutionizing Payments: The Role of Generative AI
The payments industry is leveraging the power of AI/ML to enhance various areas such as targeted marketing, process automation and customer profiling, while generative AI is pushing the boundaries by introducing cutting-edge solutions for fraud detection, data mining, and solution development. Here are five ways Generative AI will change the payments industry.
Decision support - Generative language models could offer a solution by enabling decision makers to simply request the information they need, and have it presented in a form they can easily digest, along with supporting evidence to help make the best decision. The generative models can also react to live data and continually update dashboards for new, or fast-moving trends, enabling even faster decision making.
Knowledge base search - Generative AI will empower developers to easily access internal information, such as payment method integration, enabling them to speed up the process of understanding previous integration methods and rapidly integrating new ones.
Product support automation - Generative AI could significantly enhance the efficiency of customer support teams by taking over most interactions, freeing human team to focus on more complex or other important tasks in the business.
Code Generation for Product Prototyping - With generative AI, payment integrations could be made more easily and faster, as the AI would generate the code, establish a test environment, and deploy the prototype for quick testing, resulting in a faster time to market for new features.
Fraud detection - With Generative AI, fraud defense teams could benefit from the ability to analyze data with human-like questioning, rather than simply relying on database queries, making the process more efficient and effective.
Source: Finextra
Corner of Hot News
Waire Health, a Dunfermline, Scotland, UK-based provider of an AI-powered remote patient monitoring device, raised £2M in funding - Finmes
AI chatbot’s MBA exam pass poses test for business schools - Financial Times
Oxpit, a Lithuanian AI medical imaging company, raised $4.9M in funding - ain Capital
The Great Recalibration: 2022 Health Innovation Funding Dropped by 50% YoY, Yet We’re as Optimistic as Ever - StartUp Health
Demand for AI skills on the rise as Fiverr searches spike for freelancers - VentureBeat
Deciphex, a Dublin, Ireland-based provider of pathology software and services, raised €3.9M in funding - SiliconRepublic
Authenticx, an Indianapolis, IN-based company focused on humanizing conversational intelligence in healthcare, raised $20M in Series B funding - Finmes
Microsoft Agrees To Multibillion-Dollar Deal With OpenAI - Crunchbasenews
Must or Should, We Do Recommend
🎧 Podcast - Combating Climate Change with AI: Hear how the latest technologies and innovations are being used to combat climate change - Listen now
📜 Top Artificial Intelligence Companies In Healthcare To Keep An Eye On - The Medical Futurist
And that’s a wrap for now!
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