Introduction
The field of generative AI is rapidly advancing, and companies are betting big on its potential to gain a competitive edge. However, adoption challenges remain, with many businesses finding it difficult to navigate the complex landscape.
According to a recent survey by EY, a significant portion of businesses looking to embrace generative AI say that the field’s rapid progress – and the surge in vendors claiming to have AI expertise – is complicating their deployment prospects.
The Boom in AI Spending
Despite these challenges, the boom in AI spending continues. Per an IDC forecast, worldwide investments in ‘AI-centric’ systems could reach $154 billion by the end of the year. An MIT Tech Review poll found that 50% of firms plan to boost budgets on data infrastructure and AI by over 25% in the coming year.
The Rise of AssemblyAI
One startup that is benefiting from this boom is AssemblyAI, a self-styled ‘applied AI’ venture that researches, trains, and deploys AI models for developers and product teams to integrate into their apps and services. AssemblyAI claims that its paying customer base grew 200% from last year to 4,000 brands and that its AI platform is now handling around 25 million API calls per day.
Moreover, over 200,000 developers are building on the platform, AssemblyAI says – using it to process more than 10 terabytes of data a day. ‘AI models are rapidly improving and evolving,’ AssemblyAI co-founder and CEO Dylan Fox told TechCrunch in an email interview. ‘Enterprises that leverage AssemblyAI’s API platform are able to focus on building new AI products, applications, and workflows without having to focus on model development, training, and keeping up with the rapid pace of model innovation.’
The Success of AssemblyAI
AssemblyAI’s success has caught the attention of big-name investors, some of whom recently contributed to a new funding tranche for the startup. Accel led a $50 million round in AssemblyAI, announced today, with participation from former Salesforce co-CEO Keith Block, GitHub ex-CEO Chris Wanstrath, and other prominent investors.
The Future of AI
With years of runway thanks to the new funding round, and an incredible amount of demand and product adoption given the mainstream push around AI, AssemblyAI is poised for continued growth. As Fox notes, ‘We have years of runway thanks to the new funding round, and are seeing an incredible amount of demand and product adoption given the mainstream push around AI.’
Conclusion
The field of generative AI is rapidly advancing, with many companies betting big on its potential to gain a competitive edge. However, adoption challenges remain, and businesses must navigate the complex landscape carefully. AssemblyAI’s success provides a model for other startups looking to capitalize on this trend.
Related Topics:
- AI: The field of artificial intelligence is rapidly advancing, with many applications in various industries.
- AssemblyAI: A self-styled ‘applied AI’ venture that researches, trains, and deploys AI models for developers and product teams to integrate into their apps and services.
- Enterprise: Companies are investing heavily in AI solutions, with many looking to gain a competitive edge.
Recommended Reading:
- The Future of AI: A look at the latest developments in the field of artificial intelligence.
- AssemblyAI: The Rise of Applied AI: A deep dive into the success of AssemblyAI and its potential impact on the industry.
About the Author
Kyle Wiggers is a senior reporter at TechCrunch with a special interest in artificial intelligence. His writing has appeared in VentureBeat and Digital Trends, as well as a range of gadget blogs including Android Police, Android Authority, Droid-Life, and XDA-Developers. He lives in Brooklyn with his partner, a piano educator, and dabbles in piano himself – if mostly unsuccessfully.
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