The Rise of Generative AI Models in Business

The Rise of Generative AI Models in Business

Aidan Gomez, a former intern at Google Brain, co-authored the groundbreaking paper “Attention Is All You Need” in 2017, which laid the foundation for the transformer model and sparked the emergence of generative artificial intelligence. In a recent interview with CNBC, Gomez expressed astonishment at the rapid advancement of technology since his time as an intern. He noted that the current capabilities of AI models far exceeded his expectations, with developments he thought would take decades to achieve now becoming a reality within a few years.

Following his tenure at Google, Gomez co-founded Cohere, an AI startup that specializes in developing generative AI models for businesses. Backed by industry giants like Nvidia, Cohere has raised significant funding, with a reported valuation of $5 billion. Unlike consumer-facing products, such as OpenAI’s ChatGPT, Cohere focuses on creating models that streamline operations and enhance productivity for companies. Gomez highlighted that MIT and Harvard research has demonstrated notable productivity gains when utilizing generative AI models, with some cases showing up to a 40% increase in efficiency.

Since its inception, Cohere has experienced significant growth and recognition in the AI landscape. In a recent funding round, the company raised $270 million at a valuation of $2.2 billion, attracting investors like Salesforce and Oracle. Cohere’s impact extends beyond financial success, as its executives have engaged in AI discussions at the White House. With a rapidly expanding team of 400 employees, Cohere is focused on scaling its operations and furthering its presence in the market.

Gomez emphasized the practical benefits of using generative AI models in business settings, citing a specific example with an insurance company. By leveraging Cohere’s technology, the insurer was able to expedite the process of submitting quotes for natural resource projects, giving them a competitive edge in securing contracts. Through augmenting the work of actuaries with AI models, the company saw an increase in contract wins and operational efficiency. Gomez noted that the adoption of large language models by industries like insurance signifies the broad applicability of generative AI beyond traditional boundaries.

The rise of generative AI models, exemplified by companies like Cohere, is transforming the way businesses operate and make decisions. As technology continues to advance at an unprecedented pace, the potential for AI to drive innovation and optimization across industries is vast. With visionary leaders like Aidan Gomez at the helm, the future of generative AI in business looks promising and full of opportunities for growth and development.

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