Inflection lands $1.3B investment to build more ‘personal’ AI
Reading Time: 2 minutesThere’s still plenty of cash to go around in the generative AI space, apparently.
CEO Mustafa Suleyman, who previously co-founded the Google-owned AI lab DeepMind, says that the new capital will support Inflection’s work to build and design its first product, an AI-powered assistant called Pi.
‘Personal AI is going to be the most transformational tool of our lifetimes. This is truly an inflection point,’ Suleyman said in a canned statement. ‘We’re excited to collaborate with Nvidia, Microsoft, and CoreWeave as well as Eric, Bill and many others to bring this vision to life.’
Palo Alto, California-based Inflection, which has a small team of around 35 employees, has kept a relatively low profile to date, granting few interviews to the media. But in May, Inflection launched the aforementioned Pi, which is designed to provide knowledge based on a person’s interests and needs. Available to test via a messaging app or online, Pi’s intended to be a ‘kind’ and ‘supportive’ companion, Inflection says — offering ‘friendly’ advice and info in a ‘natural, flowing’ style.
Inflection recently peeled back the curtains on Inflection-1, the AI model powering Pi, asserting that it’s competitive or superior with other models in its tier — namely OpenAI’s GPT-3.5 and Google’s PaLM-540B. According to results from the company, Inflection-1 indeed performs well on various measures, like middle- and high school-level exam tasks and ‘common sense’ benchmarks. But it falls behind on coding, where GPT-3.5 beats it handily and, for comparison, OpenAI’s GPT-4 smokes the competition.
It has the cash to do so now, one would presume. With the closing of the latest tranche, Inflection sits behind OpenAI (which has raised $11.3 billion to date) as the second-best-funded generative AI startup — edging out Anthropic ($1.5 billion). Well behind it are Cohere ($445 million), Adept ($415 million), Runway ($237 million), Character.ai ($150 million) and Stability AI (~$100 million).
Despite the difficult macroeconomic environment, money’s still pouring into generative AI startups, indeed. According to PitchBook, roughly $1.7 billion was generated across 46 deals in Q1 2023, with an additional $10.68 billion worth of deals announced sometime in the quarter but not yet completed.
Ref: techcrunch
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