By ET Bureau - May 24, 2023 1 Mins Read
According to a report by Reuters, on Tuesday, Anthropic, an artificial intelligence startup competing with OpenAI in developing AI foundation models, announced it has raked in USD 450 million from investors Alphabet Inc.’s Google and Spark Capital. The recent funding round brings Anthropic’s total up to approximately USD 1 billion, which makes it one of the most well-funded AI startups.
The next wave in AI will be the foundation models trained on an extensive quantity of information that can be leveraged for multiple tasks with less fine-tuning rather than task-specific. In the first quarter of 2023, generative AI organizations raked up almost USD 1.7 billion through 46 deals, according to PitchBook data. OpenAI, Anthropic, and Cohere are a few Foundation model AI startups competing to raise budgets for the expensive development of big models that consume a massive amount of computing power.
Read More: Google-backed Anthropic raises $450 mln in latest AI funding
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