Plus: Oracle’s answer to the Microsoft-OpenAI alliance.
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Cohere is the highest ranking Canadian startup on Bessemer’s top 100 deeptech companies (BETAKIT)
Fresh off its $270 million Series C, Cohere has been ranked the highest of four Canadian companies on Bessemer’s new top 100 “deeptech” companies list.
The list is meant to highlight companies developing “technology that was science fiction in the past but is reality today.”
D-Wave Quantum loses outside accounting firm, plans to move executive office to U.S. (THE GLOBE AND MAIL)
D-Wave Quantum Inc., after losing its outside accounting firm, revealed that it is moving its principal executive office to the U.S. from Canada and will engage a new public accounting firm based in the U.S.
Automotive software maker LeddarTech inks SPAC deal to go public on Nasdaq (BETAKIT)
Québec City-based automotive software provider LeddarTech has reached an agreement to merge with Prospector, a publicly-traded special purpose acquisition company led by former Qualcomm executives.
This SPAC deal, which is expected to close by the fourth quarter, gives LeddarTech a $348-million USD pro-forma equity valuation.
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Oracle’s Answer to the Microsoft-OpenAI Alliance: Cozying Up to Cohere (THE INFORMATION)
Oracle’s recent earnings showed how greatly the company benefitted from its AI investments, propelling founder Larry Ellison to overtake Bill Gates as the fourth-richest person in the world.
One of those AI investments is Toronto-based Cohere, a key piece in Oracle’s strategy to catch up to bigger cloud rivals that sell services powered by large-language models.
AI prompting Is the new coding for kids (BETAKIT)
BetaKit founder Sarah Prevette says learning how to prompt an AI engine is not just a tech skill—it’s a life skill.
The Awkward Partnership Leading the AI Boom
(THE WALL STREET JOURNAL)
Microsoft invested billions to get early access to the generative artificial intelligence technology of much smaller OpenAI, a forerunner in the field. But it specifically invested only 49 percent, a setup that helps the arrangement avoid antitrust scrutiny.
The result is a kind of open relationship—together, but not exclusive. OpenAI has been arming some of Microsoft’s biggest rivals, while Microsoft has effectively limited the potential search-engine customers for OpenAI.
Tech talent-sourcing network VanHack secures $3 million for global expansion (BETAKIT)
VanHack, a Vancouver-based tech talent sourcing network, has secured a $3-million investment from Texas-based B2B software venture fund Golden Section.
Founded by Ilya Brotzky in 2015, VanHack’s software features proprietary AI matching algorithms to improve the efficiency of the hiring process for technical professionals.
Salesforce Ventures Doubles Down On AI Investments (CRUNCHBASE)
Three months after launching it, Salesforce Ventures — Salesforce’s venture arm — announced it will double the size of its Generative AI Fund to $500 million.
Startup Train returns as Startupfest 2023 announces over $300,000 in prizes (BETAKIT)
Startupfest, a celebration of startups in Montréal, has announced the return of its train service, Startup Train, as well as over $300,000 in prizes.
Taking place from July 12 to July 14, Startupfest has revealed several major attractions this year, including investment prizes for startups and an express train for attendees to get to the event from the Toronto area.
Nvidia-backed platform that turns text into A.I.-generated avatars boosts valuation to $1 billion (CNBC)
Synthesia, a digital media platform that lets users create artificial intelligence-generated videos, has raked in $90 million from investors — including U.S. chip giant Nvidia, the company told CNBC exclusively.
Accenture looks to power AI efforts with $3 billion investment (REUTERS)
Accenture said it will invest $3 billion over three years into its data and AI practice, doubling the number of employees that are working with the cutting-edge technology at the IT consulting firm.
Europeans Take a Major Step Toward Regulating A.I.
(THE NEW YORK TIMES)
A draft law in the European Parliament has become the world’s most far-reaching attempt to address the potentially harmful effects of artificial intelligence.
Collision whispers, new AI officer, fundraising landscape the talk of Vancouver Startup Week 2023 (BETAKIT)
Vancouver Startup Week (VSW) finally returned to its in-person format and featured whispers of new Canadian tech events and the advent of a Chief AI officer in Vancouver.
France’s Mistral AI blows in with a $113M seed round at a $260M valuation to take on OpenAI (TECHCRUNCH)
A French startup that is only four weeks old has picked up a $113 million round of seed funding to compete against OpenAI in the building, training and application of large language models and generative AI.
Paris-based Mistral AI is co-founded by alums from Google’s DeepMind and Meta and will be focusing on open source solutions and targeting enterprises “to make AI useful.” It plans to release its first models for text-based generative AI in 2024.
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