Nvidia had been helping South Korean businesses
Big Tech corporations like Google and Microsoft Corp. hurried to offer funding to newly founded firms with competitive technology in the field, prompting Nvidia Corp., a worldwide chip designer, to make its first investment in a South Korean generative artificial intelligence startup.
Nvidia recently invested in South Korean generative AI company Twelve Labs’ attempt to finance 13 billion won ($9.7 million). The round included participation from Samsung Next, the corporate venture capital subsidiary of Samsung Electronics Co., the world’s largest memory chip manufacturer, and Korea Investment Partners, a local venture investor.
Nvidia had been helping South Korean businesses by offering training and advice in the field of technology. However, before to this, it was widely known that the Silicon Valley firm had not invested directly in any domestic businesses working on generative AI.
While local big IT businesses like Naver Corp. and KT Corp. are working on text-based large language models (LLMs), Twelve Labs, created in 2021, is developing hyperscale AI models that analyze video material, an untapped industry.
The company shot to prominence after their AI model for comprehending video won a Microsoft technology challenge, besting entries from Columbia University and Tencent Holdings Ltd.
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Features of the AI model
Funding came from significant investors including Index Ventures, and advisers included Aidan Gomez, CEO and co-founder of Cohere, and world-renowned AI scientist Fei-Fei Li, professor at Stanford University. Cohere is in direct competition with OpenAI, the creator of the popular generative AI chatbot ChatGPT.
The South Korean firm has developed an AI model that can understand not just human speech but also objective behavior, text, and logos in videos.
Regardless of the company’s home country or current financial status, these tech giants are pouring money into potential generative AI firms.
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The generative AI industry is divided
The generative AI industry is divided into three submarkets: AI infrastructure, which includes LLMs and AI chips; AI models, which comprehend language and data; and applications, which put these models to work for end users.
In the United States, Nvidia took part in Series B funding rounds for both Adept and Inflection AI Inc., and in Series C funding rounds for Hugging Face Inc. and Cohere. Microsoft participated in a Series B round of funding for AI semiconductor firm d-Matrix through its Inflection AI investment.
In September, Amazon.com, which also contributed to Hugging Face’s investment round, said that it will invest up to $4 billion in Anthropic PBC, a firm focused on LLM development.
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