Welcome to our AI roundup of the top stories & startups to watch, this week we have stories on:
- NVIDIA posts revenue growth of 265%
- Groq goes viral with lightning fast inference speed
- AI startups raised $482M in venture funding
This Week in AI 🗞️
This week in AI, NVIDIA posted a 265% quarterly revenue growth and Groq, an LLM-focused chipmaker went viral with their lighting fast inference speed.
NVIDIA Posts 265% YoY Revenue Growth
NVIDIA reported a record-breaking fourth quarter and fiscal year 2024, with quarterly revenue reaching $22.1 billion, a 265% increase from the previous year, and annual revenue up 126% to $60.9 billion. This growth was driven by increased demand for accelerated computing and generative AI, leading to significant increases in Data Center revenue. As their CEO stated:
Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations.
Groq goes viral with LLM-focused chip
Speaking of AI chips, the startup Groq (not to be confused with X's Grok) went viral with their lightning fast LLM-inference speed. The company is directly challenging Nvidia's in the AI chip market by focusing on producing Language Processing Units (LPUs) for faster, more efficient LLM inference. You can try Groq here.
Wow, that's a lot of tweets tonight! FAQs responses.
— Groq Inc (@GroqInc) February 19, 2024
• We're faster because we designed our chip & systems
• It's an LPU, Language Processing Unit (not a GPU)
• We use open-source models, but we don't train them
• We are increasing access capacity weekly, stay tuned pic.twitter.com/nFlFXETKUP
AI Startups Raised $482M Last Week
Last week AI startups raised a total of $482M in venture funding, here are a few of our favourite to watch.
Levr - Raised a $1M Seed Round
- What they do: Levr.ai offers built-in templates and directories that support businesses in finding or creating the information requested to fund a loan and stores sensitive financial and business documents securely and privately. It also has the ability to add, limit and revoke as needed, enabling businesses to upload, organize, track and discuss all the documentation required to obtain a business loan in one place and get the funding they need.
- Industries: Commercial Lending, B2B, FinTech, Funding Platform, SaaS, Small and Medium Businesses
- Location: Vancouver, Canada
VectorShift - Raised a $3M Seed Round
- What they do: VectorShift empowers businesses to efficiently create custom generative AI workflows that can be used for a variety of purposes, such as responding to requests for proposals (RFP), writing proposals, and generating customer support chatbots, enabling businesses to automate tasks, improve productivity, and better serve their customers.
- Industries: Artificial Intelligence (AI), Generative AI, Search Engine, Software
- Location: San Francisco, California
Qloo - Raised a $25M Series C round
- What they do: Qloo connects and predicts consumer taste across domains including media, entertainment, consumer products, fashion, hospitality, and travel in a privacy-centric manner as well as provides personalization and insights to solve real-world problems for leading companies in the tech, entertainment, publishing, travel, hospitality, and CPG sectors, enabling companies to make changes according to the consumer taste.
- Industries: Artificial Intelligence (AI), Consumer Research, Developer APIs, Machine Learning, Personalization
- Location: New York, New York
That's it for this edition of This Week in AI. If you were forwarded this newsletter and would like to receive it, you can sign up here.
