ChatGPT: How are businesses using generative AI?

The viral popularity of ChatGPT, a language model chatbot, has thrown generative AI into the mainstream. The technology, developed by OpenAI, has captured the imagination of more than a million users. From asking for cocktail recipes to penning a love song, users have been experimenting with ChatGPT's instant conversational responses. However, it is the potential that generative AI has in business that has got investors excited. According to data from PitchBook, generative AI investment has increased by as much as 425% from 2020 to December 2022, reaching a total figure of $2.1bn last year – a particularly impressive feat considering a wider downturn in tech investment in 2022.