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Reka AI Unveils Multimodal Language Model Competing Head-to-Head with Google’s Gemini

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Reka Core, the company’s first multimodal language model, was released by AI startup Reka AI. According to the company’s statement, Core is “competitive” with top models from OpenAI, Anthropic, and Google when it comes to industry-accepted metrics and can work with images, audio, and video.

Reka AI is a San Francisco-based startup with two Southeast Asian founders, and it was started by researchers from DeepMind, Google, and Meta. The chief scientist of the company is Yi Tay, a Singaporean, and the CEO, Dani Yogatama, is an Indonesian.

Reka Core is a large language model with “powerful” contextualized image, video, and audio understanding. According to the company, there are only two developers whose commercially available models support comprehensive multimodal input, the other being Google.

Reasoning skills, such as language and math, can be used for tasks requiring complex reasoning thanks to Core’s 128,000-token context window. Moreover, it is a code generator that enhances agent-based workflows.

Reka AI asserted that Core performs better on video tasks than Google’s Gemini Ultra, another multimodal model, when compared to comparable models available in the market. According to some, Core is also similar to GPT-4V on MMMU, an AI benchmark that assesses a model’s ability to complete tasks requiring reasoning and knowledge appropriate for a university.

Reka AI released its Edge and Flash models a few months prior to the release of Core. Together with Radical Ventures and DST Global Partners, the company has raised US$58 million in funding as of June 2023. The last known valuation of Reka AI is $300 million, according to market research platform CB Insights.

Reka AI’s partners include Snowflake, Oracle, and AI Singapore. On the basis of valuation per employee, it was recently ranked fifth among all AI firms worldwide.

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Coforge and Microsoft Establish Copilot Innovation Hub to hasten the Deployment of Generative AI

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Global supplier of digital services and solutions Coforge Limited recently announced a partnership with Microsoft to launch the Coforge Copilot Innovation Hub. In addition to working closely with Microsoft to integrate these solutions with Microsoft’s generative AI products and technologies, such as Microsoft Azure OpenAI Service, Microsoft Power Platform, and Microsoft Copilot, the Hub will concentrate on building a pipeline of new, industry-specific cognitive analytics solutions.

Coforge announced the launch of two new copilots as part of the Copilot Innovation Hub: Underwriter Copilot for insurance companies and Advisor Copilot for financial services firms. An innovative technique to improve ROI and streamline the process of navigating the complexity of underwriting, the Underwriter Copilot for Insurance gives insurance underwriters more authority and the ability to make informed decisions. The goal of the solution is to increase carriers’ combined ratios by two to three percent in order to open up new income streams. Insurance carriers can achieve a 30- to 35 percent boost in underwriter productivity and efficiency by implementing Underwriter Copilot.

By removing the need for time-consuming searches across several tools, documents, and data sources, the Coforge Advisor Copilot solution gives financial quick access to full fund information and performance data through an intuitive interface. Financial advisers and asset managers should become more productive by more than thirty percent thanks to the solution.

According to Sudhir Singh, Executive Director & CEO of Coforge, “Coforge is leveraging its deep industry strengths and customer partnerships to build industry specific generative AI solutions on the Microsoft platform to drive transformation and enhance productivity.” Our efforts to provide our clients with generative AI solutions that lead the market will go even faster thanks to our partnership with Microsoft. He went on, “We are announcing two new copilots today: Advisor Copilot for financial services businesses and Underwriter Copilot for insurance carriers.

“Our combined commitment to transforming and scaling organizational capabilities of financial services firms globally is demonstrated by the Coforge Copilot Innovation Hub. The 2024 Work Trend Index Annual Report states that 75% of individuals utilize AI at work, and that the use of generative AI has nearly doubled in the last six months. According to David Smith, Vice President, WW Channel Sales, Microsoft, “Coforge and Microsoft are dedicated to spearheading AI adoption, fostering innovation, and unleashing business value for businesses worldwide.”

Through the automation of manual chores, the improvement of decision-making through the creation of suggestions based on corporate data, and the streamlining and optimization of business processes, these copilots will increase operational efficiency by utilizing Microsoft’s generative AI products and technologies. These solutions will help businesses generate new value streams and speed up change.

Microsoft’s generative AI products will be easier to implement with the Coforge Copilot Innovation Hub, leading to increased productivity and better business results.

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Samsung Appoints New Leader for Chip Unit as AI Competition Intensifies

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As the race to build artificial intelligence processors heats up, Samsung Electronics has replaced the leader of its semiconductor division.

In an unexpected announcement made by the business on Tuesday, Vice Chairman Jun Young-hyun has been named head of Samsung’s device solutions division. The company’s foundry, memory, and system semiconductor divisions are managed under the device solutions division.

“Vice Chairman Jun Young-hyun is the key player who took Samsung Electronics’ memory semiconductor and battery businesses to the global top-tier level,” the company stated in a news release.

Samsung is making this announcement as it battles to overtake its regional rival SK Hynix in the market for AI memory chips. When it comes to high-bandwidth memory (HBM) chips, which are essential for AI computing, SK Hynix is in the lead.

According to Samsung, if the board and shareholders approve, Jun may also be named as the company’s chief executive. Samsung has two chief executive officers: one leads the company’s semiconductor division, while the other oversees its mobile and visual display businesses.

Before taking on the role of chief executive of Samsung SDI, the company’s battery division, Jun led Samsung’s memory chip business team for three years, from 2014 to 2017. In 2000, he made his debut as a member of Samsung’s memory chip business team.

Kyung Kye-hyun, who oversaw the semiconductor branch since2022, is replaced by Jun. During the memory chip market collapse, the division under his direction reported billion-dollar losses. The 61-year-old Kyung has been posting lengthy and in-depth posts on social media platforms like LinkedIn and Instagram about subjects including technology and climate change.

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Kudos Secures $10.2 Million for Its AI-Powered Smart Wallet

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The Four Cities Fund, Samsung Next, SV Angel, Precursor Ventures, The Mini Fund, Newtype Ventures, Patron, and The Points Guy creator Brian Kelly all participated in the funding round.

Kudos, an app and browser extension, was founded in 2001 by a group with prior expertise at Google, PayPal, and Affirm. It functions as a smart wallet assistant by suggesting or choosing the best credit card for customers to use when making payments in order to optimize rewards and cash back.

Recently, the company introduced a number of new features: Dream Wallet, which suggests cards to members based on their spending patterns; MariaGPT, an AI-powered card discovery tool with over 3000 cards in its database; and Kudos Boost, which offers personalized rewards across over 15,000 partner brands, such as Walmart and Sephora.

Since its initial fundraising round, Kudos has raised its annualized checkout Gross Merchandise Value to $200 million and expanded to over 200,000 registered users.

It intends to use the additional funds to develop MariaGPT into a comprehensive personal finance assistant, introduce an AI-powered hub offering expenditure optimization insights, and create a gateway that lets users book flights using points.

As consumers budgets, various credit cards, and sometimes complex rewards programs, they want to know they’re receiving the best value for their money, according to Tikue Anazodo, CEO of Kudos. With just one user-friendly app and extension, Kudos streamlines everything.”

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