Welcome to the AI Ecosystem Report, featuring practitioner analyst and entrepreneur Toni Witt. This series is intended to deliver the timely intelligence about artificial intelligence (AI) you need to get up to speed for an upcoming client engagement or board meeting.
The AI Ecosystem Q1 2024 Report compiles the innovations, funding, and products highlighted in AI Ecosystem Reports from the first quarter of 2024. Download now for perspectives on the companies, investments, innovations, and solutions shaping the future of AI.
Highlights
Innovation (00:37)
AWS and SAP announced an extended partnership to build more capabilities into ERP, particularly with GenAI. The companies aim to ease the adoption of RISE with SAP for customers. They’re also striving to improve the performance and efficiency of SAP workloads running in the cloud, specifically AWS, and to embed GenAI into an enterprise’s entire portfolio of business-critical applications.
Funding (02:46)
Scale AI has raised $1 billion in funding, bringing its total funding to $1.6 billion. Its valuation is $13.8 billion. In recent years, the company has scaled to meet the needs of organizations looking to train models and implement AI.
Scale AI has become a market leader in the data management and improvement space. It’s in a great position to not only capture enormous revenue from companies looking to onboard AI but also to become a key stepping stone to AGI (artificial general intelligence), which the CEO, Alexander Wang, made clear is part of its roadmap. Scale AI is also working more in the public sector.
The funding will be applied to global expansion and advancing its AI initiatives.
Solution of the Week (05:36)
Brainly has built a homework helper for kids, essentially an AI-based tutor platform. It can scan questions, such as math equations, and provide explanations in natural language of how it came to that conclusion.
There are several other features of this AI education platform. It has a chat interface to safely and securely interact with an AI assistant. A test prep feature can auto-generate practice tests and exams based on what the student has learned. Additionally, there are real tutors and teachers checking answers and experts verifying responses produced by the AI model, serving as a verification process.
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