David Ferrucci, the artificial intelligence (AI) researcher who led the development team of IBM Watson - a super-intelligent question-answering computer developed by IBM - has just raised nearly $ 60 million for the company. its AI startup, Elemental Cognition.
The company completed a $59.95 million share sale from 17 investors, and plans to raise an additional $5.75 million, according to an announcement on Aug. 17.
Based in the Helmsley building in New York, Elemental aims to create artificial intelligence with advanced reasoning capabilities. The company offers two enterprise chatbot solutions, Cogent and Cora, customized for diverse applications, including finance, interactive travel planning, and scientific research automation.
Elemental Cognition highlights its unique hybrid AI platform, which combines large language modeling (LLM) with an AI inference engine to improve accuracy and deliver controlled answers. While Elemental's website doesn't feature AI generation, the company's LinkedIn profile page says:
"Deliver a revolutionary Generative AI platform with superior natural language understanding, powering expert problem-solving intelligence and the application of research and discovery."
Elemental Cognition's leadership team includes former IBM and Bridgewater executives, including David Shepler, Eric Brown, and Mike Barborak. The company also has famous investors and advisors such as Jim Breyer, Sam Palmisano, Greg Jensen and Geoff Yang.
Ferrucci has worked at IBM for 18 years and is also the director of applied artificial intelligence at Bridgewater Associates. He led the IBM Watson team from 2006 to 2012, with the notable success of Watson winning the TV game Jeopardy! demonstrate its ability to understand and process natural language.
Although initially promising, IBM Watson did not turn a profit. In 2020, IBM spun off the Watson Health unit and transferred it to Francisco Partners. Recently, IBM introduced WatsonX, a studio for training and deploying machine learning models.
Investor excitement for AI startups has been fueled by the popularity of OpenAI's ChatGPT . Elemental Cognition aims to provide advanced Generative AI capabilities, with superior natural language understanding for problem solving and research applications.
Source: https://tintucbitcoin.com/elemental-cognition-huy-dong-duoc-60-trieu-usd/
