The company is currently developing LLM-related software for other businesses. The technology has expanded AI capabilities to include not just text, but also images, speech, video, and music. However, the development of LLMs presents challenges, including the need for large amounts of data and understanding the complexities of how these models operate.
Key takeaways:
- Artificial intelligence company Essential AI has raised $40 million in new funding, following a previous round where it raised $8 million.
- The company was founded by Ashish Vaswani and Niki Parmar, who are known for their work on large language models (LLMs), the technology behind text-based chatbots.
- Essential AI is reportedly working on building LLM-related software for companies, a technology that has seen a recent boom with the rise of OpenAI’s ChatGPT.
- Large tech companies and investors are investing heavily in LLMs, with the aim of ensuring these models can effectively gather, train, and generate desired results from large data sets.