A New Area of AI Booms, Even Amid the Tech Gloom
SAN FRANCISCO — Five weeks ago, OpenAI, a San Francisco artificial intelligence lab, released ChatGPT, a chatbot that answers questions in clear, concise prose. The AI-powered tool immediately caused a sensation, with more than 1 million people using it to create everything from poetry to high school term papers to rewrites of Queen songs.
That has sent deal-making around generative AI companies into overdrive. Jasper, a generative AI startup founded in 2021, raised $125 million in October, valuing it at $1.5 billion. Stability AI, an image-generating company founded in 2020, raised $101 million that same month, valuing it at $1 billion. Smaller generative AI companies, including Character.AI, Replika and You.com, have also been inundated with investor interest.
“It’s the new ‘mobile’ kind of paradigm shift that we’ve been all waiting for,” said Niko Bonatsos, an investor at venture capital firm General Catalyst. “Maybe bigger, too.” More than 450 startups are now working on generative AI, by one venture capital firm’s count. And the frenzy has been compounded by investor eagerness to find the next big thing in a gloomy environment.
“There are a lot of teams that don’t have any AI competency that are pitching themselves as AI companies,” Dempsey said.
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