CoreWeave, a provider of cloud services for professional graphics processing units, is set to make an investment in the cultural synthetic intelligence platform Chai.
As per a press release from Chai on Thursday (Jan. 4), this investment will increase the total capital infusion in the company to over \(10 million, elevating its valuation to \)450 million. The fresh funding is earmarked for Chai’s expansive AI language model competition, where participants can submit language concepts and vie for user engagement within the entertainment app. Winners stand to receive cash prizes under the moniker of “Chai Prize.”
The Chai Developer Platform has been instrumental in fostering the development and deployment of numerous robust language modeling techniques, yielding a plethora of substantial language models. The press release highlights that the interpersonal AI software’s messaging capabilities are powered by CoreWeave’s cloud infrastructure.
In a statement, Chai CEO William Beauchamp envisions a future where AI becomes ubiquitous as the world transitions towards an Artificial market. He expresses enthusiasm about collaborating with CoreWeave on this transformative journey.
Conceptual AI, as reported by PyMNTS Intelligence, is gaining traction with the emergence of new enterprises that offer innovative and cost-effective solutions across various industries. Notable programs such as OpenAI’s ChatGPT robot and the DALL-E AI image engine have amassed a significant user base and developer following.
Despite the burgeoning interest in AI startups, major tech players like Amazon, Google, and Microsoft are projected to contribute a substantial portion of the anticipated $27 billion investment in this sector by 2023. While venture capital firms have shown keen interest in relational AI advancements, economic factors such as increasing interest rates and diminishing investment valuations are prompting a reevaluation of expenditure strategies.
In a bid to support Artificial initiatives, Menlo Ventures disclosed a $1.35 billion fund allocation in November, emphasizing a continued focus on nurturing Artificial enterprises over making later-stage investments.
