Startup Adept, which specializes in training artificial intelligence to use existing software and APIs, recently raised $350 million in a Series B funding round led by General Catalyst and Spark Capital, with participation from Addition, Greylock, Atlassian Ventures, Microsoft, Nvidia, Workday. Projects and other investors. Forbes mentions that the company was valued at at least a billion dollars, which illustrates the high interest of venture capitalists in AI investments. This latest investment brings Adept’s total to $15 million, which will be used to support production, model training, and employee growth.
Adept’s vision is to create an artificial intelligence (AI) teammate that can be trained to use various software tools and APIs. Instead of producing text or images of text, similar to OpenAI and Stability AI, Adept examines how people use computers to train an artificial intelligence model that can turn text commands into digital actions. The goal is to develop a cross-platform AI model that can perform any task with any software tool using natural language instructions.
Skilled is not the only startup exploring this argument. Alphabet-backed DeepMind Inc. is also looking at how people perform computing tasks to make sure they’re learning. In addition, DeepMind founder Mustafa Soliman teamed up with LinkedIn co-founder Reid Hoffman to found Inflection AI, which aims to improve user performance by using computers that use artificial intelligence.
Competition does not discourage investors because the market for AI development is large. Nearly half of the respondents to a recent survey by CNVRG an Intel company, believe organizations will increase their investment in AI development despite the economic downturn.
Start MVP, better known as ACT-1, was able to perform tasks such as importing LinkedIn URLs into recruiting software. ACT-1 appears as a window overlay on existing software, such as Google Chrome or Salesforce. A prototype is available for computers and a mobile version will also be developed in the near future. Major strategic investors such as Microsoft, Nvidia, Atlassian, and Workday have expressed their support for ACT-1 due to its potential benefits for their software products.
General Catalyst’s Deep Nishar is credited with pushing the boundaries of the generative artificial intelligence (AI) genre from the confines of text and images to the complex procedures of knowledge workers. He also noted that ACT-1 has the potential to quickly and easily lower barriers to entry into corporate discipline, leading to greater overall prosperity.
Despite the significant revenue stream, Adept continues to develop products and uses its next round of funding to expand its team and train its AI models. The startup’s success highlights the growing interest and investment in artificial intelligence, which could have profound implications for the future of work and productivity.