This week in AI

So it begins…

After a year of delivering tech updates on TikTok & Instagram, we're embarking on an exciting new journey with this newsletter!

No elaborate strategies here. Our mission is to bring you startup and tech news that is relevant and insightful.

Our unwavering commitment? Delivering information that's not only concise but packs a punch, because we understand your time is precious 😊

With that, let's dive in: Here’s an AI roundup 🚀

Big Story 🥁

Not all AI startups are gobbling up VC funding.

A great article from The Information showed how Gen-AI startup Midjourney has been able to grow without pulling up a seat at the VC trough. The popular company generates images from prompts and has a broad user base.

Midjourney’s numbers are impressive: 40 employees and $200 million in revenue. If you were to apply a 10x multiple on revenue, the company would be worth $2 billion. (Considering its margins, that’s likely a conservative estimate.)

A lot of its growth has come from word-of-mouth, product stickiness, and (in our view) keeping the team light and focused.

So while you may hear a lot about VCs’ shovelling funds to almost any startup with an AI domain, it’s reassuring to see some carving a different path.

AI Headlines 🤖

• Two US Senators have introduced a bipartisan bill to regulate AI (link)

• OpenAI admits that AI detectors, largely, don’t work (link)

• eBay's new AI tool lets users generate a product listing from 1 photo (link)

• The launch of ChatGPT convinced the Pentagon to invest in AI-powered weapons (link)

• C3.AI stock fell 12% after it warned it won’t become profitable as quickly as anticipated (link)

• ChatGPT may be losing steam, as traffic falls for the 3rd month in a row (link)

• IRS plans to use AI to pursue millionaires who owe hundreds of millions in taxes (link)

Who’s Raising 💰

• Imbue, an AI research startup, raised $200m at unicorn ($1b+) status (link)

• Confirm gained $6m to bring AI to performance reviews (link)

• Streamforge uses AI to assist with influencer marketing; raised $1m (link)

• Ello is an AI-powered reading coach for kids; raised $15m (link)

• Miri, an AI-driven health and wellness platform, gained $1m (link)

• ThetaRay, an AI AML startup to help prevent financial crime, raised $57m (link)

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