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This week, AI continues to play a central role in business strategies and roadmaps across every sector imaginable.

🚗 Metropolis expanding it’s tech to over 3.3k facilities

♟️OpenAI may start making their own AI chips

🏆 72% of CEOs surveyed view Generative AI as a top priority

📰 AI in the News

Metropolis Raises $1.7B for Strategic Acquisition of SP Plus

AI-powered parking platform, Metropolis, has successfully raised $1.7 billion through a combination of equity and debt, with the primary objective of acquiring SP Plus, a renowned provider of parking facility management services. Eldridge Capital and 3L Capital took the lead in this funding round, with significant participation from other noteworthy investors. This strategic acquisition, costing approximately $1.5 billion, allows Metropolis to retain substantial capital while enhancing its service offerings and market presence.

Metropolis, founded in 2017, has been at the forefront of revolutionizing the parking experience through its innovative AI-driven technology. The platform allows users to experience hassle-free parking by automating payments and receipts through real-time tracking and charging mechanisms. With the acquisition of SP Plus, Metropolis not only gains a partner with over two million parking spaces and management of over 3,300 facilities but also expands its operational footprint across the U.S. and Canada, including significant presence at 160 airports.

The acquisition of SP Plus is a significant step towards vertical integration for Metropolis, which had already been managing around 600 parking facilities as of June 2022. With a vision beyond just parking, CEO Alex Israel envisions the platform's technology being utilized in various transaction experiences in the physical world, from EV charging stations to retail stores, making transactions as seamless as online shopping. This deal not only provides immediate value to SP Plus stockholders but also accelerates the technology roadmap, benefiting clients and consumers globally. Full Story

OpenAI Contemplates Developing Its Own AI Chips

OpenAI, a leading AI startup, is reportedly considering developing its own AI chips amidst a growing shortage of chips essential for training AI models. The company is exploring various strategies, including the acquisition of an AI chip manufacturer or initiating an internal chip design effort. CEO Sam Altman has prioritized acquiring more AI chips as the demand for powerful GPUs, crucial for developing and running AI models, has led to a strained supply chain.

The surge in generative AI has not only benefited GPU makers like Nvidia but has also put immense pressure on the supply chain. With GPUs being indispensable for OpenAI’s operations, the company is contemplating a strategic shift to mitigate potential disruptions and high operational costs. An analysis indicates that running AI models at scale could require billions in investment for GPUs alone, prompting OpenAI to consider developing its own chips to ensure sustainability and efficiency in operations.

OpenAI wouldn't be the first to venture into AI chip development; tech giants like Google, Amazon, and Microsoft have already invested in proprietary chips. However, the hardware business, particularly AI chips, is notoriously challenging. The journey from commitment to market could be long, costly, and fraught with challenges, as evidenced by other players in the market who have faced valuation cuts, layoffs, and various issues in their custom AI chip development efforts. With OpenAI considering a share sale that could significantly increase its valuation, it remains to be seen whether its investors are willing to back such a risky yet potentially transformative venture. Full Story

More Stories

• Microsoft's AutoGen Framework Enables AI Agents to Collaborate (link)

• AI Identified as Top Investment Priority by CEOs: KPMG Survey (link)

• French AI Startups Secure Funding Amid AI Investment Boom (link)

• Google DeepMind Alum Raises $14 Million for AI Venture Firm (link)

• Meta Pays Millions to Tom Brady, Naomi Osaka for AI Chatbots (link)

• Microsoft to Launch New AI Chip Next Month to Reduce Costs (link)

• AI Startup Anthropic in Talks to Raise Another $2 Billion (link)

• AI Poses Threat to Traditional College Degrees, Experts Warn (link)

💡 Industry Insights

🏥 Healthcare

AI-Enhanced Surgical System: US Medical Innovations (USMI) is developing an AI-powered surgical system designed to assist surgeons during operations. The system utilizes AI to analyze data from the surgical environment, providing real-time feedback to surgeons and potentially improving the precision and safety of surgeries. (link)

Google's AI Search for Clinicians: Google Cloud introduces AI-powered search capabilities to assist healthcare workers in efficiently accessing clinical information from various medical records. This tool consolidates information from clinical notes, scanned documents, and electronic health records, facilitating quicker and more informed decision-making by clinicians, ultimately saving time and reducing administrative burdens. (link)

Invenio's AI for Cancer Cell Analysis: Invenio Imaging is developing technology that allows surgeons to evaluate tissue biopsies in the operating room instantly, providing AI-accelerated insights in three minutes that would typically take weeks in a pathology lab. This rapid analysis supports immediate clinical decision-making, crucial for aggressive cancers that might significantly progress during the waiting period for lab results. (link)

⚖️Legal

OpenAI and IP Law: OpenAI responds to the Request for Comments (RFC) from the United States Patent and Trademark Office (USPTO) regarding the impact of artificial intelligence (AI) technologies on intellectual property law and policy. (link)

AI Optimism Gap: Clients are more optimistic than legal professionals about the benefits of AI in the legal field, according to Clio's 2023 Legal Trends Report. While 32% of clients believe AI's advantages outweigh the costs, only 19% of legal professionals agree. Clients also see AI as a means to improve affordability and quality of legal services. (link)

📈 Venture Deals

• Enflame, a Chinese AI chip dynamo, bags a hefty $237 million in its latest funding escapade. (link)

• Market intelligence platform AlphaSense clinches $150 million, catapulting its valuation to a stellar $2.5 billion. (link)

• Prins AI nabs $100 million to craft digital identities for the who’s who of enterprises, brands, and celebs. (link)

• Stampli secures $61 million, with eyes set on revolutionizing accounts payable through AI. (link)

• Observe debuts a generative AI toolkit post a triumphant $50 million Series A3 funding round for data transparency. (link)

• In a bid for safer digital spaces, Unitary raises $15 million for its AI-driven content moderation tech. (link)

• Kolena, crafting tools for meticulous AI model testing, lands a cool $15 million. (link)

• AI Clearing, the autonomous construction progress tracker, secures $14 million for quality control innovation. (link)

🛠️ Latest AI Tools

• Circleback.ai is your second brain for meetings

• Coachvox.ai for Personal AI Cloning

• ChartMyLife.ai for Automated Life Charting

• GistAI.tech for AI-Powered Content Summarization

• CPAPilot.com for AI-Enhanced Tax Accounting

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