May 27, 2024
Tech News
Uncork Capital, a well-known early-stage venture capital firm based in the Bay Area, celebrated its 20th anniversary, reflecting on the significant changes in the venture capital industry. The firm, founded by Jeff Clavier, has seen the industry’s scale increase dramatically, with venture firms investing $350 billion into startups in 2021 compared to $20 billion in 2004. Changes include the acceptance of VCs investing their own money in startups, backing competing companies, and shifts in attitudes towards board seats. Uncork Capital also discussed the challenges and opportunities presented by the current market, including the impact on seed funding and the potential contraction of active seed funds.
LVMH has extended its partnership with Alibaba Group to enhance luxury retail experiences in China using artificial intelligence and cloud technologies. The collaboration aims to optimize business operations, enhance customer insights, and streamline supply chain management processes. LVMH will integrate Alibaba Cloud’s generative AI capabilities, including Qwen and Model Studio (Bailian), to create new applications and services for global consumers. The partnership, initiated in 2019, has been extended for an additional five years, with LVMH introducing around 30 of its brands to Tmall Luxury Pavilion.
US intelligence agencies are increasingly embracing generative AI to manage the exponential growth of data and improve their operations. Agencies like the CIA are experimenting with AI models for tasks such as summarizing evidence, predicting geopolitical events, and enhancing surveillance capabilities. However, officials are cautious about the technology’s limitations and potential risks, including security concerns and the accuracy of AI-generated information. The CIA has developed a gen AI called Osiris for open-source analysis, and other agencies are exploring AI for various intelligence purposes.
Mini Cooper SE 2024 is set to launch in Malaysia with an estimated price of RM199,000. BMW Malaysia introduced the electric variant at the Malaysia Autoshow, highlighting its features, including a 160kW electric motor, a 54.2kWh battery pack, and a WLTP-rated range of up to 402km. The Mini Cooper SE 2024 will be available in several colors and comes with a standard 2-year warranty, with options for extended warranty and service packages.
Tech Explained
Venture Capital – It is a type of private equity financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.
Artificial Intelligence – It refers to the simulation of human intelligence processes by machines, especially computer systems, to perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation.
Generative AI – It is a type of artificial intelligence that is used to generate new data samples from existing data, creating new content such as images, videos, and text.
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