C3.ai (NYSE:AI) is a leading software company, which provides Artificial Intelligence services to enterprises. The company is poised to ride the wave of growth forecasted for AI. The global Artificial Intelligence (AI) market is forecasted to grow at a meteoric 20.1% CAGR from $387 billion in 2022 to over $1.3 trillion by 2029. C3.ai serves an envious list of large reputable customers from The US Air Force and the Department of Defence, to large energy companies such as Shell & Engie. They have been growing revenues at a 40% CAGR over the past couple of years, while the stock price has declined massively.
During the pandemic especially, it's become overwhelming for small- and medium-sized businesses (SMBs) to answer all of their customer service requests. A Freshworks survey found that companies experienced a 71% increase in overall contact volume between February 2020 and January 2021, and expect it to increase further. At the same time, customers -- while empathetic -- have become more demanding. The same poll shows that 68% of customer service managers have seen an increase in customer expectations. What's a company to do? Automation is one route to more manageable customer experience workloads, potentially.
Tenyx, an AI technology company, announced it has raised $15 million in seed funding to grow its research and development team and further product development. Investors include AME Cloud Ventures, Cota Capital, Morado Ventures, Pathbreaker Ventures, Point72 Ventures and StageOne Ventures, as well as notable angel investors John Lilly, Georges Harik and Jaan Tallinn. Tenyx is led by the founding team behind Apprente, which developed the world's first voice-based AI solutions to automate the order-taking process at drive-thru restaurants. Apprente was acquired by McDonald's Corporation and subsequently by IBM. Tenyx' seasoned leadership team includes Dr. Itamar Arel, a former professor of AI and CEO at Apprente, and Prof. Ron Christly, an established AI researcher and head of the Cognitive Science program at Sussex University.
Tenyx, an AI technology company, today announced it has raised $15 million in seed funding to grow its research and development team and further product development. Investors include AME Cloud Ventures, Cota Capital, Morado Ventures, Pathbreaker Ventures, Point72 Ventures, and StageOne Ventures, as well as notable angel investors John Lilly, Georges Harik, and Jaan Tallinn. Tenyx is led by the founding team behind Apprente, which developed the world's first voice-based AI solutions to automate the order-taking process at drive-thru restaurants. Apprente was acquired by McDonald's Corporation and subsequently by IBM. Tenyx' seasoned leadership team includes Dr. Itamar Arel, a former professor of AI and CEO at Apprente, and Prof. Ron Christly, an established AI researcher and head of the Cognitive Science program at Sussex University.
Popular gay dating app Grindr has agreed to go public through a blank-cheque firm whose founder was part of a consortium that bought the company in 2020, according to a filing with the US Securities and Exchange Commission on Monday. The deal with Tiga Acquisition Corporation will raise $384m including $284m of the special-purpose acquisition company's (SPAC) cash in trust plus up to $100m in a forward purchase agreement, valuing the company at $2.1bn including debt, according to the filing. The dating app was valued at $620m when it was sold in 2020 by its Chinese owner. Tiga Acquisition Corp went public in November 2020 to raise $240m, a few months after the Grindr sale. The SPAC would have to liquidate later this month if it failed to reach a deal with a potential merger target, after several extensions of the liquidation deadline.
AMD plans to introduce processors next year that integrate AI engines from the company's recently acquired Xilinx FPGA business unit, which helped the chip designer deliver high sales growth in the first quarter along with the company's traditional PC and server businesses. CEO Lisa Su disclosed the plans for new AI-fueled CPUs during her company's first-quarter earnings call Tuesday, where she said the resulting microprocessors will "enable industry-leading inference capabilities" as part of broader plans to capitalize on AMD's $49 billion Xilinx acquisition. The AI engines are already being used in Xilinx's FPGA-based products for embedded and edge applications, including image recognition for cars, according to Victor Peng, Xilinx's former CEO who now leads AMD's Adaptive and Embedded Computing Group. Peng said AMD is working on developing "unified" software that will help developers take advantage of the new AI capabilities for both inference and training in datacenters and at the edge. Overall, Su said, Xilinx will allow AMD to have a "much broader set of offerings" in the AI hardware space that goes beyond the company's current capabilities with CPUs and GPUs.
Swedish game company Embracer Group has just made a blockbuster deal to acquire Crystal Dynamics, Eidos-Montréal and Square Enix Montréal for what seems like a bargain $300 million price, the company confirmed in a press release. The deal includes a "catalogue of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from Square Enix Holdings," it wrote. The transaction is subject to regulatory approval. Those studios represent around 1,100 employees across eight global locations, the company noted. When the deal is finalized, Embracer will have 14,000 employees, 10,000 game developers and 124 internal studios.
The platform leverages AI throughout the buyer's journey, eliminating the guesswork that plagues revenue teams, improving the customer experience and generating high-quality pipelines that are more likely to convert. According to Jason Zintak, CEO of 6sense, the platform offers all-in-one AI and is revenue-obsessed because it has seen what is possible when a complete revenue team has access to AI. Artificial intelligence has the potential to displace hunch-based techniques in favor of real-time, data-driven insights and next best actions. Thus, the key focus of the announcement is artificial intelligence. The results generate consistent revenue growth. "We've experienced the frustration that guesswork causes and how it impedes revenue generation," Zintak told CMSWire.
Since completing a degree in journalism, Aimee has had her fair share of covering various topics, including business, retail, manufacturing, and travel. She continues to expand her repertoire as a tech journalist with ZDNet. Intel chief Pat Gelsinger has predicted that the global chip shortage will remain a challenge for the industry until at least 2024, particularly in areas such as foundry capacity and tool availability. Despite this forecast, Gelsinger outlined that Intel is in a "good position" to manage the constraints that arise as a result of the supply chain shortage. "In fact, Intel is rising to meet this challenge," he told investors on Thursday during a first-quarter earnings call.
We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Today, Intelligent Workforce Platform Observe.AI announced it has raised $125 million as part of a series C funding round led by SoftBank with participation from Zoom. Observe.AI's solution uses artificial intelligence (AI) to process customer interactions with contact center agents to generate business intelligence (BI) and develop more sophisticated insights into how to improve customer experience. The company's approach enables enterprises and technical decision makers to surface intelligence from customer support interactions, so they can share the insights with customer-facing teams within the organization and make strategy changes to provide a better customer experience. Observe.AI's funding announcement comes as consumer demand for seamless customer experiences has increased with research reporting that 76% of customers expect consistent interactions across departments, yet 54% saying that it feels like sales, service and marketing teams don't share information.