AI in limelight! Yet another startup gets top valuation, backing from Google, Nvidia
Photo Credit: Pexels Artificial intelligence has grabbed most investors' imagination and they are willing to put their money into ventures that are promising
Photo Credit: Pexels With so much promise shown and quite a bit of potential having been put on show, eying AI for future profit has become a no-brainer, at least for some of the braveheart investors.
Photo Credit: Pexels Deep space Network is NASA’s international array of giant radio antennas used to communicate with spacecraft from the Moon and beyond. And this is the case when there are absolutely no rules defining the sector. When these are eventually put out, what the result will be is as yet unclear.
Photo Credit: Pexels Nevertheless, at the moment, AI startups are very much in the limelight as is seen in the latest funding round by the Hugging Face. The startup revealed that it was valued at $4.5 billion in a $235-million funding round.
Photo Credit: Pexels AI has been hailed as the next frontier of technology and has attracted some of the biggest investors in Silicon Valley. Hugging Face was backed by biggies, including Salesforce, Alphabet's Google and Nvidia.
Photo Credit: Pexels Hugging Face provides an open-source platform for building applications using machine learning technologies.
Photo Credit: Pexels Following the launch of OpenAI's popular chatbot ChatGPT, several AI startups like Microsoft-backed Inflection AI and Google-backed Runway have raised funds, revealed Reuters. Notably, Google and Nvidia were not the only ones drawn to the Hugging Face funding round.
Photo Credit: Pexels Intel, AMD, Qualcomm, IBM, Amazon and Ashton Kutcher-backed venture capital firm Sound Ventures also participated in Hugging Face's latest funding round. Hugging Face will use the funds to hire talent and invest in the technology.
Photo Credit: Pexels Investors would have been emboldened by the fact that Hugging Face's revenue is on track to jump five times this year.
Photo Credit: Pexels Notably, many of these tech titans already have their own AI projects going and this one is expected to give them value beyond just immediate profit.
check more