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Investments in generative AI startups reached $3.9 billion in the third quarter of 2024

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Is OpenAI worth $100B?

Not everyone seems to be convinced about the return on investment in generative artificial intelligence. But many investors do, judging by the latest data from funding tracker PitchBook.

According to PitchBook, in the third quarter of 2024, VCs invested $3.9 billion in generative AI startups across 206 deals. (Not counting OpenAI’s $6.6 billion round). $2.9 billion of this financing went to U.S.-based corporations across 127 deals.

Big winners in the third quarter included coding assistant Magic ($320 million in August), enterprise search provider Glean ($260 million in September) and business intelligence company Hebbia ($130 million in July). Chinese company Moonshot AI raised $300 million in August, and Sakana AI, a Japanese startup focused on scientific discoveries, closed a $214 million tranche last month.

Generative AI, a broad cross-section of technologies that features text and image generators, coding assistants, cybersecurity automation tools and more, has its detractors. Experts query the reliability of this technology and – in the case of generative artificial intelligence models trained without permission on copyrighted data – its legality.

However, VCs are effectively betting that generative AI will gain a foothold in large and profitable industries and that the challenges it faces now is not going to impact its long-term development.

Perhaps they’re right. AND The Forrester report predicts 60% of generative AI skeptics will use this technology – consciously or unconsciously – for tasks starting from summarization to creative problem solving. This is a rather rosier result than Gartner’s forecast earlier this 12 months that 30% of generative AI projects can be abandoned after proof of concept by 2026.

“Large customers are deploying production systems that use startup tools and open source models,” Brendan Burke, senior emerging technology analyst at PitchBook, told TechCrunch in an interview. “The latest wave of models shows that new generations of models are possible that can excel in scientific domains, data mining and code execution.”

An enormous obstacle to the widespread adoption of generative AI is the enormous computational requirements of the technology. Bain analysts project in a recent release test that generative AI will drive corporations to construct gigawatt data centers – data centers that devour 5 to twenty times more energy than the average data center today – putting strain on an already strained labor and electricity supply chain.

There is already a requirement for data center power powered by generative AI extension life of coal power plants. Morgan Stanley estimates that if this trend continues, global greenhouse gas emissions by 2030 could possibly be thrice higher than they might be without the development of generative AI.

Several of the world’s largest data center operators, including Microsoft, Amazon, Google and Oracle, have announced investments in nuclear power to offset growing demand for non-renewable energy. (In September, Microsoft announced that it will draw power from the infamous Three Mile Island nuclear power plant.) But it could take years before these investments bear fruit.

Investment in generative AI startups shows no signs of slowing down – negative externalities be damned. ElevenLabs, the viral voice cloning tool, is reportedly searching for to lift $3 billion in funding, while Black Forest Labs, the company behind the notorious X image generator, is reportedly in talks for a $100 million funding round.

This article was originally published on : techcrunch.com
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UK open to banning social media for children as government launches feasibility study

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The UK government just isn’t ruling out further tightening existing web safety rules by adding an Australian social media ban for under-16s, Technology Secretary Peter Kyle has said.

The government warned in the summertime that it could tighten rules on tech platforms within the wake of unrest that was deemed to be sparked by online disinformation following a stabbing attack that left three young girls dead.

It has since emerged that a few of those charged within the riots are minors, increasing concerns in regards to the impact of social media on impressionable, developing minds.

I’m talking to Today program on BBC Radio 4 on Wednesday, Kyle was asked whether the government would ban people under 16 from using social media. He responded by saying, “Everything is on the table for me.”

Kyle was interviewed as the Department of Science, Innovation and Technology (DSIT) presented its position priorities for enforcing the Internet Safety Act (OSA), which Parliament adopted last yr.

OSA targets a big selection of online harms, from cyberbullying and hate speech to the usage of intimate images, deceptive promoting and cruelty to animalsand British lawmakers say they need to make the country the safest place on this planet to use the web. While child protection was the strongest factor, lawmakers responded to concerns that children were accessing harmful and inappropriate content.

DSIT’s Statement of Strategic Priorities continues this theme by placing child safety at the highest of the list.

Strategic Internet security priorities

Here are DSIT’s five priorities for OSA in full:

1. Safety by design: Integrate security by design to ensure a secure online experience for all users, but especially children, combat violence against women and girls, and work to ensure there aren’t any secure havens for illegal content and activities, including fraud, child sexual exploitation and child abuse and illegal disinformation.

2. Transparency and accountability: Ensure industry transparency and accountability from platforms to deliver online safety outcomes, promoting greater trust and expanding the evidence base to provide safer user experiences.

3. Agile regulation: Ensure a versatile approach to regulation by providing a sturdy framework for monitoring and addressing emerging harms – such as AI-generated content.

4. Inclusion and resilience: Create an inclusive, informed and vibrant digital world that’s resilient to potential harm, including disinformation.

5. Technology and innovation: Supporting innovation in web security technologies to improve user safety and drive development.

The mention of “illegal disinformation” is interesting since the last government removed clauses from the bill that focused on this area somewhat than free speech issues.

In ministerial attacker In an accompanying statement, Kyle also wrote:

“A particular area of ​​concern for the government is the enormous amount of misinformation and disinformation that users may encounter online. Platforms should have robust policies and tools in place to minimize such content where it relates to their obligations under the Act. Combating disinformation and disinformation is a challenge for services, given the need to preserve legitimate debate and freedom of expression on the Internet. However, the growing presence of disinformation poses a unique threat to our democratic processes and social cohesion in the UK that must be vigorously countered. Services should also respond to emerging information threats, providing the flexibility to respond quickly and decisively and minimize harmful effects on users, especially vulnerable groups.”

DSIT’s intervention may have an impact on how Ofcom enforces the law, requiring it to report on the government’s priorities.

For over a yr, Ofcom, the regulatory body tasked with supervising the compliance of online platforms and services with the OSA, has been preparing for the implementation of the OSA by consulting and developing detailed guidelines, including: in areas such as age verification technology.

Enforcement of the regime is predicted to start next spring when Ofcom actively takes over the powers, which could lead to financial penalties of up to 10% of worldwide annual turnover on technology corporations that fail to comply with their legal duty of care.

“I want to look at the evidence,” Kyle said in an interview with children and on social media, pointing to the simultaneous launch of a “feasibility study” that he said “will look at areas where the evidence is lacking.”

According to DSIT, this study “will examine the impact of smartphone and social media use on children to help strengthen the research and evidence needed to build a safer online world.”

“There are assumptions about the impact of social media on children and young people, but there is no solid, peer-reviewed evidence,” Kyle also told the BBC, suggesting that any UK ban on children using social media have to be evidence-based.

During an interview with the BBC’s Emma Barnett, Kyle was also pressed about what the government is doing to close loopholes he believes were previously present in web safety laws. In response, he signaled the introduction of a change that requires platforms to be more proactive in combating the abuse of intimate images.

Combating abuse related to intimate images

IN September DSIT has announced that it recognizes the non-consensual sharing of intimate images as a “priority offense” under the OSA – requiring social media and other covered platforms and services to clamp down on abuse or face heavy financial penalties.

“This move effectively increases the seriousness of the offense of sharing intimate images under the Online Safety Act, so platforms must proactively remove content and prevent it from appearing in the first place,” confirmed DSIT spokesman Glen Mcalpine.

In further comments to the BBC, Kyle said the change means social media corporations must use algorithms to prevent the upload of intimate photos in the primary place.

“They had to actively display to our regulator Ofcom that the algorithms would prevent the spread of this material in the primary place. And if the photo did appear on the Internet, it must have been removed as quickly as could reasonably be expected after receiving the warning,” he said, warning of “heavy penalties” for non-compliance.

“This is one area where you can see that harm is being prevented, rather than leaking into society and then dealing with it, which was the case before,” he added. “Now thousands of women are now protected – prevented from being degraded, humiliated and sometimes pushed towards suicidal thoughts because of this one power I introduced.”

This article was originally published on : techcrunch.com
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You have a few hours left to place a bid on this scorched shell in San Francisco

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Homes in San Francisco are extremely expensive, with the common home price starting from $1.26 million. No wonder no less than one person died in a fire-damaged $299,000 cabin in certainly one of San Francisco’s southernmost neighborhoods. 20 people to go sightseeing property According to The San Francisco Standard, last weekend.

As the outlet notes, potential buyers were asked to sign a liability waiver before entering the burned stays of the constructing. The real estate agent representing the property – a “handyman’s gem” that was reportedly occupied by tenants before the fireplace broke out – expects it to also fetch greater than the asking price. (All bids were due on Tuesday.)

Of course, buyers in San Francisco are used to even dilapidated buildings costing a small fortune. In early 2022, before many tech staff who left town due to the pandemic returned, a decaying, 122-year-old Victorian touted as San Francisco’s “worst house in the best neighborhood” sold for nearly $2 million.

This article was originally published on : techcrunch.com
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Nuclear startups face new competition with the entry of energy giant Enel into the ring

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Cooling tower at nuclear power plant emits steam.

Italian energy giant Enel is betting on small modular nuclear reactors as part of a partnership with Ansaldo, one other Italian energy company, and Leonardo, a defense contractor. There is a new company are expected to be announced in the coming days.

Enel has already done this agreement with small modular reactor startup Newcleo to develop fourth-generation nuclear reactor technology. Enel-Ansaldo-Leonardo’s new enterprise and the deep pockets of its backers could put additional pressure on other small modular reactor (SMR) startups which have had difficulty constructing plants. Enel’s global revenues alone represent roughly 4% of Italy’s GDP.

Over the past decade, a slew of new firms have emerged to commercialize smaller reactors. Most of today’s new reactors are large, capable of delivering 1,000 megawatts of electricity, and take years to construct, often exceeding budget. SMR startups, on the other hand, focused on mass production and quick installations.

Still, none of these startups have built a reactor on a industrial scale. Several of them are still in the design phase, and people who have emerged have faced obstacles: the Nuclear Energy Regulatory Commission rejected Oklo’s 2022 permit application, NuScale’s first contract was canceled in January and the reverse merger of X-Energy lost in 2023

But as demand for electricity grows for AI data centers, tech firms are betting that a new wave of nuclear firms can satisfy their energy thirst. Amazon, Microsoft and Google have focused on nuclear energy in recent months.

By the same logic, Enel and its partners are searching for to create new nuclear energy. Flavio Cattaneo, Enel’s CEO, said the company had achieved between 40 to 50 letters of interest from parties wishing to construct data centers in Italy. Until recently, nuclear power in Italy was not an option as the Italian electorate voted against nuclear power plants twice, once in 1987 and again in 2011. However, the current government has stated that it plans to develop new regulations until the end of this yr lift the ban.

These three firms have been considering some form of cooperation for years. Leonardo is there cooperates with Enel generate more of its own energy, while Enel and Ansaldo signed an agreement in March to explore SMR technology. Also in March Newcleo in hand with Enel. (Ansaldo was previously owned by Leonardo, then generally known as Finmeccanica; two division in 2013)

For now, Enel is proceeding cautiously: Cattaneo has said SMR plants will come online in about 10 to fifteen years, which is at odds with the timeline of several other SMR firms. Startups could have to face a wealthy competitor, but at the very least they may have some respite.

This article was originally published on : techcrunch.com
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