Still, early-stage rounds accounted for nearly half of all deals in the quarter. This points to continued investor interest in emerging tech solutions focused on optimizing product development and reducing costs as companies grapple with ongoing supply chain disruptions.

Using CB Insights data, we assess the advanced manufacturing tech landscape in Q1’23, including:

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However, these solutions — which help shoppers quickly checkout without scanning individual items — have had a slower rollout than expected due to challenges with hardware implementation, consumer acceptance, and capital costs. 

Even Amazon, an early-mover in the space, has closed a number of its autonomous checkout stores this year. (It still intends to sell the tech as a white-label service.)

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Copilots are designed to work alongside humans, automating tedious tasks or providing suggestions to allow users to finish things up more quickly.

There are generative AI-powered copilots emerging for a host of applications, but one of the most prominent is software development. Since 2021, Microsoft-owned GitHub has offered a copilot for coders that taps into OpenAI‘s models, while Amazon recently launched a competing service called CodeWhisperer. But the tech giants face a growing slate of rivals vying for the attention of software developers.

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Vector databases provide enterprises with an easy way to store, search, and index unstructured data at a speed, scale, and efficiency that current relational (and non-relational) databases cannot offer.

This is particularly useful for “similarity searches” — e.g., surfacing images similar to an input image, suggesting similar videos, or personalizing e-commerce product recommendations. Vector databases are seeing emerging applications across industries, from drug discovery to anti-fraud and enterprise search. 

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Executive interest in AI applications for insurance spiked in early 2023 following the public release of ChatGPT by OpenAI in Q4’22 and the subsequent boom in generative AI-related media attention. 

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With content demand on the rise, brands and retailers face the additional challenge of creating a sufficient amount of quality content across different platforms to engage and convert users. As a result, they are turning to new solutions to create, manage, and distribute content at scale.

Generative AI developments are only propelling the space forward. Content creation and distribution solutions are quickly incorporating GenAI to expedite content creation and creative processes at an unprecedented rate.

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But the company’s interests extend far beyond aerospace — and many of its focus areas cut across industries. For instance, Lockheed has invested heavily in developing advanced manufacturing capabilities and is also quickly expanding its space-based communications offerings. Meanwhile, advances in AI and leveraging next-gen computer chips are also set to play key roles across many of its business lines.

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This achievement is partly attributed to its pioneering work in accelerated computing, which uses specialty hardware to complete demanding software tasks much faster than previously possible.

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The tech giant has poured billions into ChatGPT maker OpenAI to become one of its largest stakeholders, while also providing computing infrastructure to power the startup’s resource-hungry operations.

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The paper was influential because it set a new standard for language understanding and paved the way for further research and development in this field. OpenAI, the company behind ChatGPT, likely benefited from this research by incorporating the Transformer architecture into their own language models, such as GPT-4, which is one of the largest and most powerful language models ever created.

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Garry Tan, Y Combinator’s president and CEO, told Forbes in February that generative AI is “the new frontier — like working on Facebook apps or iOS apps when those platforms were new.” Most of YC’s generative AI bets are bringing the red-hot tech to the enterprise. 

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While big banks like Bank of America, Citigroup, and Goldman Sachs were quick to place restrictions on employee use of OpenAI’s ChatGPT in February 2023, other financial firms have jumped at the opportunity to leverage the tech. 

For example, Morgan Stanley is using OpenAI-powered chatbots to assist financial advisors as a knowledge resource that leverages the firm’s internal repository of research and data. Hedge fund Citadel is reportedly in talks for an enterprise-wide ChatGPT license that will be used for software development and information analysis. 

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One of the earliest applications of AI in healthcare was in diagnostic imaging, where big tech companies and startups alike developed computer vision algorithms to detect anomalies from MRIs, CT scans, X-rays, and ultrasounds. 

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The tech is already delivering time and cost savings in a range of business functions, from R&D to product design. For instance, generative AI could reduce design timelines by up to 90% for infrastructure projects and slash raw material use by upwards of 95% in industrial design. 

Industrials incumbents are moving quickly to take advantage. Hyundai, for instance, has used Autodesk’s generative design software to figure out how to efficiently make parts for new vehicle modalities. IBM, meanwhile, is using generative AI to identify and test computer chip materials. 

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AVP has $1.2B of assets under management and invests in data-driven startups that can impact healthcare, customer experience, and underwriting performance. These areas represent opportunities that are relevant to the entire insurance industry.

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This annual funding drop aligned with broader VC funding activity, but AI’s quarterly performance bucked the overall trend in Q4’22. While AI funding increased 15% quarter-over-quarter (QoQ) to reach $9.3B in Q4’22, venture funding as a whole saw a 19% fall over the same period.

Other 2022 highlights across the AI ecosystem include:

• In 2022, the total AI unicorn herd reached 166 with 34 new unicorn births. This is just less than half the number born in 2021. In Q4’22, 5 AI unicorns emerged — quickening the pace QoQ but at a slower rate than in 2021. Additions in Q4’22 included Stability AI, a generative AI company that raised a $101M seed round.
• The number of mega-rounds in 2022 plummeted from 2021’s record high to just 115, a 39% drop. These deals represented $21.8B in funding, down 47% year-over-year (YoY). The top AI round was a $1.5B Series E to defense tech startup Anduril.
• AI exits fell across the board in 2022, with the number of M&A deals, IPOs, and SPACs all tumbling. M&A exits held up best, only falling by 17% YoY to 259 deals. IPOs nosedived by 57% to 19. SPACs plunged by 50% to 8.
• Europe bucked the broader trend for AI investment activity. In 2022, AI deals increased by 6% to 616 — a record level for the region. Funding also held up relatively well, falling by 9% to $6.2B. The UK drove a great deal of this activity, accounting for 48% of Europe’s AI funding and 32% of its deals in 2022.

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These traffic acquisition costs (TAC) are in aggregate over $50B a year for Google — but the exclusivity gained is critical for Google to cement its search lead.

With the battle for large language model (LLM) supremacy underway, exclusive access to language/text will also become critical.

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Emerging use cases in retail could deliver time and cost savings across significant areas of operations like marketing, where companies spend nearly 14% of their budgets.

Here are 6 ways generative AI can automate tasks and scale critical work for brands and retailers:

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Accurate and engaging descriptions can boost conversion rates and reduce returns. More than 87% of online shoppers rank product descriptions as being very important in their purchase decisions, according to Salsify.

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This technology will become increasingly important as labor shortages and the rising volume of customer service requests from e-commerce push brands and retailers to improve customer satisfaction while keeping costs under control.

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Quickly scaling visual content creation will allow brands to target different markets and consumers with more relevant content, supporting personalization efforts.

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Now, it’s ratcheting up its own venture investing to put itself at the center of a sweeping AI ecosystem. This could help kickstart a flywheel to generate revenue from AI startups that build on top of — and pay to access — its models. 

Since October 2022, OpenAI’s $100M Startup Fund (backed by LPs including Microsoft) has doled out a dozen investments to primarily early-stage AI startups, including through its accelerator program Converge, which launched in November 2022.

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3D representations of physical goods can boost conversions by giving online shoppers a more accurate preview of the item they intend to buy. 3D assets could also be repurposed for augmented reality content, virtual goods, and digital twin products.

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