AI startup Tome recently made the decision to lay off 20% of its team in order to restructure and focus on its enterprise customers, who use its AI tools to auto-generate presentations. The company, once valued at $300 million, plans to target salespeople as a key customer base moving forward. CEO Keith Peiris explained that it is easier to build a business focused on enterprise clients rather than consumer products for a large audience. The shift towards enterprise clients aligns with a trend among AI startups to increase revenue and streamline their business models.
Tome’s generative AI tool has been used for a variety of purposes, including creating pitch decks, post-surgery instructions, and student projects. Peiris noted that consumer customers are less likely to pay for the product and use it sporadically, making it challenging to sustain the business. Competition from companies like Canva further fueled the decision to pivot towards enterprise clients. Salespeople have been a significant user base for Tome, with some creating up to eight presentations per day using the AI tool. The new enterprise product leverages models like OpenAI’s GPT-4 and Meta’s Llama to assist salespeople in creating customized pitch decks based on research and news reports.
Meta recently unveiled Llama 3, its latest large language model with advanced capabilities in math, reasoning, and conversation. The model powers Meta AI, a chatbot integrated into various Meta platforms, including Instagram, Facebook, Messenger, and WhatsApp. While the chatbot has improved in generating images and answering queries, it still exhibits tendencies to fabricate information, similar to other AI models. Additionally, Microsoft launched a smaller AI model, Phi 3 Mini, designed to function efficiently on everyday devices without the need for specialized hardware.
Google faced backlash after it was discovered that YouTube hosted videos promoting AI tools designed to undress women in images. The company removed over 100 videos and an app offering such capabilities from its platform. French AI startup Mistral is reportedly in talks to raise €500 million at a valuation of €5 billion, following a previous funding round of $415 million. The startup has quickly gained prominence in Europe as a competitor to Silicon Valley giants in the AI industry. VC firm Andreessen Horowitz has also raised $7.2 billion, with a portion allocated towards generative AI and defense technologies.
Axon, a prominent police contractor, introduced a new AI tool called Draft One that transcribes audio from body cameras into police reports. While the tool aims to streamline reporting processes and reduce workload, concerns have been raised about potential biases and inaccuracies in AI-generated reports. Pearson’s AI study tool, powered by models like GPT 3.5 and GPT 4, is being used in educational textbooks to assist students with homework and provide guidance on complex topics. The tool’s structured approach aims to enhance learning experiences but may not replace traditional teaching methods entirely.
