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The Weekly Notable Startup Funding Report: 9/18/23 – AlleyWatch
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65% Of Top AI Companies Have Immigrant Founders
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Reporting by Helen Popkin, Aayushi Pratap and Nina Wolpow
The Covid-19 pandemic was devastating for many industries, but it only accelerated the use of artificial intelligence across the U.S. economy. Amid the crisis, companies scrambled to create new services for remote workers and students, beef up online shopping and dining options, make customer call centers more efficient and speed development of important new drugs.
Even as applications of machine learning and perception platforms become commonplace, a thick layer of hype and fuzzy jargon clings to AI-enabled software.That makes it tough to identify the most compelling companies in the spaceâespecially those finding new ways to use AI that create value by making humans more efficient, not redundant.
From commercial failure to a $1b funding round in five years
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Five years ago Databricks’ seven co-founders were thinking about elevating their plan Bs to plan As. They had been chewed out by an angry board, which observed that the restaurant down the street was making more money than their open source computing company.
The founders, who came from the AMPLab project at University of California, Berkeley, had already spent the better part of seven years trying to make their tech take off, and commercial success seemed a long way off.
Databricks CEO Ali Ghodsi says raising $1 billion was the easiest capital raise the company has completed.
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