The newest spherical of funding outlines the quickly rising adoption of synthetic intelligence (AI), which has been hailed by many as the following frontier of know-how and has attracted a few of the greatest traders in Silicon Valley.
Following the launch of OpenAI’s fashionable chatbot ChatGPT, a number of AI startups like Microsoft-backed Inflection AI and Google-backed Runway have raised funds.
The race to the highest amongst main know-how corporations has additionally upped bets on Nvidia whose chip designs are being extensively utilized in generative AI akin to ChatGPT. Its shares have tripled in worth to this point this 12 months and have been set to hit an all-time excessive after Wednesday’s outcomes.
Intel, Advanced Micro Devices, Qualcomm, IBM, Amazon and Ashton Kutcher-backed enterprise capital agency Sound Ventures additionally participated in Hugging Face’s newest funding spherical.
The firm, which offers an open-source platform for constructing functions utilizing machine studying applied sciences, mentioned it is going to use the funds to double down on hiring and spend money on the know-how. It at the moment has a headcount of 170.
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Thanks to the growth in demand, the corporate’s income had been rising and was on monitor to leap 5 instances this 12 months, Hugging Face’s co-founder and CEO Clement Delangue mentioned. “In five years, every tech company will be an AI company,” Delangue added.
Source: economictimes.indiatimes.com