Chai, an AI-powered entertainment app, has secured a $10 million investment and partnered with CoreWeave, a cloud service provider. This brings Chai’s total capital investment to over $10 million, valuing the company at $450 million, according to a press release.
The newly secured funds will be used to support Chai’s large-scale AI language model competition, held within its entertainment app. In this competition, participants can submit their language models and compete for user engagement, with cash prizes and the Chai Prize title at stake.
Chai’s Developer Platform has already seen the creation and submission of thousands of large language models, resulting in the development and deployment of various natural language modeling techniques. CoreWeave’s cloud powers the messages sent on Chai’s social AI platform.
Chai CEO William Beauchamp commented on the partnership with CoreWeave, stating, As the world transitions to an AI economy, everyone will socialize with AI. Maybe your next best friend will live in the cloud. We’re glad to be partnering with CoreWeave on our mission.
Generative AI has seen significant growth in recent times, with numerous companies emerging and promising cost-saving applications across various industries. OpenAI’s ChatGPT chatbot and DALL-E AI image generator, fueled by neural networks and generative pre-trained transformers, have garnered millions of users and developers.
Big Tech companies like Amazon, Google, and Microsoft have invested two-thirds of the $27 billion in AI startups in 2023. However, the rise of generative AI has prompted venture capital firms to reduce their spending due to higher interest rates and portfolio valuation decline.
In November, Menlo Ventures announced a $1.35 billion fund for investing in AI ventures, with a focus on nurturing fledgling AI companies rather than later-stage investments.
Chai’s latest investment and partnership with CoreWeave position the company to further its mission in the AI economy and solidify its presence in the entertainment app market.
Sources:
– Chai Secures $10M Investment for AI Language Model Competition, Partners with CoreWeave
– Preparing for a Generative AI World
