Generative AI has taken the world by storm, transforming how we create, consume, and interact with various forms of media. In this blog post, we'll dive into the different flavors of generative AI, including synthetic media, which includes image, video, text, and audio generation. We'll also discuss large language models (LLMs) and diffusion models, which are key components of generative AI technologies. With AI tools, in general, becoming easier to use and cheaper, the time is ripe for business users to leverage this technology to make a significant impact on their work and output.

On January 23, 2023, McKinsey announced its acquisition of Iguazio, a provider of AI & machine learning operationalization (MLOps) software. With over 70 experts in data and AI, the addition of Iguazio's technology will enable leading consultancy firm McKinsey to accelerate and scale AI deployments for clients. Thus, the play is not (just) about putting more software under McKinsey’s belt.

In 2023, we expect to see a rise in the adoption of data science and machine learning platforms, especially ones that are cheaper and easy to use.

Hugging Face, a startup that helps businesses build, train, and deploy state-of-the-art machine learning models, announced its Series C funding on May 9, 2022, raising $100 million. Lux Capital led this round, adding Hugging Face to its over 40 investments in the artificial intelligence (AI) and machine learning (ML) space. With this funding, Hugging Face joins the double unicorn club with a valuation of $2 billion.

RPA software is a technological solution for an age-old problem: executing repetitive tasks in an automated fashion. We have seen this type of solution arise in the industrial revolution when what was previously accomplished by humans started to be performed by human-operated machines. Now, we take this type of machine-human collaboration for granted, sometimes forgetting how much we interact with and rely on machines. Everything from car manufacturing to farming relies on this type of symbiosis.

Algorithms. Algorithmic. Machine learning. Deep learning. If you’re reading this piece, there is a good chance you have come across these terms at some point. An algorithm probably recommended this article to you. The umbrella term for all of the above is artificial intelligence (AI), which takes data of different flavors and provides you with predictions or answers based on that. There is a good chance you have benefited from this technology in some way, whether in a map application, image search from your favorite retailer, or intelligent autocomplete.

Labelbox, a startup that focuses on data labeling, announced its Series D funding on January 6, 2022, raising $110 million. Softbank’s Vision Fund II led this round.

2022 TRENDS PREDICTION

The coming year is when data will be in the limelight. Data will no longer be something that boosts the effectiveness of companies or something which aids their success, instead, it will determine their success.

Back in 2019, I wrote my predictions of advancements we'd see in AI in 2020. In one of those predictions, I discussed the perennial problem of algorithmic explainability, or the ability for algorithms to explain themselves, and how that will come to the fore this year. Solving this problem is key to business success, as the general public is becoming increasingly uncomfortable with black-box algorithms.

Back in 2019, I wrote my predictions of advancements we'd see in AI in 2020. In one of those predictions, I discussed the perennial problem of algorithmic explainability, or the ability for algorithms to explain themselves, and how that will come to the fore this year. Solving this problem is key to business success, as the general public is becoming increasingly uncomfortable with black-box algorithms.

Boston-based DataRobot, a company which provides users with a data science and machine learning platform for building, deploying, and maintaining AI, is on a roll. Data science and machine learning is a process in which patterns in data are examined in order to make predictions and better understand the data at hand.

Automation. Automation. Automation.

This word is top of mind for many business leaders—“How can we make more money? How can we make our business more streamlined? What solutions are out there that can help us achieve this goal?”

Have you ever felt like a million bucks? How about $35 billion? Personally, I don’t know what it feels like, but if you’re wondering, I’d recommend asking UiPath, Leader on the G2 Grid® Report for Robotic Process Automation (RPA) for Winter 2021. Having raised $750 million in their latest fundraise (Series F), they are now worth a whopping $35 billion.

As I’ve mentioned in the past, data is like music, made up of different components, with the spaces, gaps, and rhythm critical to understanding and appreciating the whole. It is an important component of modern businesses, so sellers are exploring new ways to allow businesses to store, interact with, and analyze their data.

We are living in the era of data. Companies are looking to utilize the data they collect to make more informed business decisions. Government organizations, for example, that have historically been slow to innovate, are looking to better understand the data that they are amassing to provide better care and support for their constituents.

On November 30, 2020, ServiceNow, a large cloud-based IT services company, announced their plans to acquire Canadian artificial intelligence (AI) startup, Element AI, which helps companies across industries deploy AI solutions. According to TechCrunch, the purchase price was around $500 million, with a valuation between $600 and $700 million.

On November 12, 2020, Databricks, a big data processing and distribution software company, announced that they are set to release SQL Analytics.

This week, we saw Mode Analytics, a Leader in the Analytics Platforms category on G2, raise a $33 million Series D. Mode Analytics is bridging the gap between AI and analytics and is looking to help businesses extract value from data with machine learning and big data analytics. With over 50% of Fortune 500 businesses relying on Mode Analytics, they have processed 830 million queries for 300 thousand users.

Automation and artificial intelligence (AI) are important, interrelated tools that help organizations streamline their processes and add intelligence to their workflows.

Data is like music, made up of different components, with the spaces, gaps, and rhythm critical to understanding and appreciating the whole. Just as with music, data can be analyzed and enjoyed in real time (stream analytics software) or as a past, documented record (log analysis software).