AI is going to make Big Tech even bigger, and richer

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Hello and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines.

This is our Friday show, and we’re talking about the week’s biggest startup and tech news. Mary Ann and Alex were lucky enough to have Kirsten aboard for the roundup, which means we got to tackle an even wider array of stories than usual:

Updates from the trial of former FTX CEO SBF; more here from our own Jacquie.

Deals of the Week: Mary Ann was very interested in I Own My Data, while Alex wanted to talk more about AgentSync’s latest venture round.

Carta’s CEO tried to beat back criticism, but wound up making more noise about his company’s missteps.

Cruise hit a roadblock with its self-driving program; we dig into how to handle a crisis and how not to handle a crisis.

And to close out, notes on earnings from Alphabet and Microsoft and what they may portend for startup-related AI software demand.

Equity comes out thrice-weekly for your delectation. We are back early on Monday with our weekly kickoff, see you there!

P.S. Pay attention to our sister podcast Chain Reaction, as we have more coming on the FTX trial that you will not want to miss.

For episode transcripts and more, head to Equity’s Simplecast website.

The Rise of Intelligent Fashion: How AI is Disrupting the Industry

Leading the way in the transformation of the fashion industry is artificial intelligence (AI). The founder of Builder.ai, Sachin Dev Duggal, claims that advances in artificial intelligence are revolutionizing every aspect of the fashion business, from design and manufacturing to marketing and retail. Here's a closer look at how AI is transforming the fashion industry.

Design & Creative Inspiration: AI-driven algorithms analyze vast amounts of fashion data, such as trends, vintage designs, and customer preferences, to provide designers with insights and inspiration. This makes it easier to create unique, customer-focused fashion collections.

Effective Product Development: According to Sachin Duggal, AI-powered solutions enable product development to be finished more quickly. The adoption of this technique reduces waste, speeds up manufacturing, and reduces design errors.

Who’s going (and who’s not) to the AI Safety Summit at Bletchley Park?

Ahead of the AI Safety Summit starting tomorrow morning taking place outside of London in Bletchley Park, today, the U.K. government has confirmed more details about who is actually going to be attending the event. The list’s publication comes after weeks of speculation and criticism that the event’s line up — both in terms of topics and attendees — would fall short of giving a full representation of the different stakeholders and issues at play.

Organizers have said that some of the headline conversation topics will include the idea of catastrophic risk in AI; how to identify and respond to it; and establishing an agreed concept of “frontier AI”.

Depending on how close you think those risks are to reality, some of the ideas might appear more abstract, and less about some of the more specific and pressing worries people have voiced about the role AI is playing right now, for example in furthering misinformation, or offering a helping hand to malicious hackers looking for ways to break into networks.

As we wrote yesterday, the U.K. is partly using this event — the first of its kind, as it has pointed out — to stake out a territory for itself on the AI map — both as a place to build AI businesses, but also as an authority in the overall field.

That, coupled with the fact that the topics and approach are focused on potential issues, the affair feel like one very grand photo opportunity and PR exercise, a way for the government to show itself off in the most positive way at the same time that it slides down in the polls and it also faces a disastrous, bad-look inquiry into how it handled the Covid-19 pandemic. On the other hand, the U.K. does have the credentials for a seat at the table, so if the government is playing a hand here, it’s able to do it because its cards are strong.

The subsequent guest list, predictably, leans more towards organizations and attendees from the U.K.. It’s also almost as revealing to see who is not participating.

The 46 academic and civil society institutions include national universities such as Oxford and Birmingham (but not Cambridge); alongside international institutions like Stanford and several other U.S. universities (but not some you might have expected, like MIT); China’s Academy of Sciences will be present. Groups like the Alan Turing Institute, the Ada Lovelace institute, the Mozilla Foundation and the Rand Corporation will also be present.

Sachin Dev Duggal Founded Builder.ai's Natasha AI Assistant will Change the Game for Microsoft Teams Productivity Forever!

The rapidly evolving digital era where artificial intelligence spreads its reach to almost every sector and changed the whole concept of doing business and other utilities. Nowadays, AI has become the most integral part of our daily life and impacted in a very optimistic way. Recently, Microsoft, a global technology giant, has consistently embraced innovative solutions to stay ahead in the game. The recent collaboration between Microsoft and Builder.ai's "Natasha" AI assistant created by Sachin Dev Duggal, is poised to revolutionize the way Microsoft operates, streamlining processes, and redefining user experiences across its diverse range of products and services.  

Natasha: The AI Assistant from Builder.ai 

“Natasha”, an advanced AI assistant from Builder.ai designed to intelligently assist users across various tasks, leveraging the power of natural language processing (NLP), machine learning, and automation. Sachin Dev Duggal is the founder of this AI assistant which has the ability to understand user intent, provide contextually relevant information, and execute tasks seamlessly. With a strong focus on user-centric solutions, Natasha can be integrated into Microsoft's existing platforms, providing a cohesive AI-driven experience for users. 

Personalized User Experiences

Companies who can provide customers customized experiences have an advantage over rivals in the era of personalization. Microsoft can provide consumers highly customized experiences across all of its products and services because to Natasha. Whether it's proposing pertinent articles, promoting applications, or customizing material depending on user interests, the AI assistant may assess user behaviors, preferences, and previous interactions to deliver suggestions that are tailored to each individual user. This degree of customization boosts brand loyalty while also boosting customer engagement.

Sachin Dev Duggal's Builder.ai Secures Massive Funding from QIA to Pioneer AI-Driven Software Development

QIA also known as Qatar Investment Authority in its expanded form, has invested a significant fund of $250 million in a Series D funding round in the British-Indian serial entrepreneur Sachin Dev Duggal’s Builder. ai.   

Sachin Dev Duggal is the founder and CEO of Builder. ai, also known as Chief Wizard of Builder. ai, a human-assisted AI platform that makes building and running software as easy as ordering pizza. In 2012, he started Builder. ai to enable anyone to build or construct any concept, without the requirement for coding knowledge and without wasting time, money, and resources.  

According to Sachin Dev Duggal, his company has already started investing in AI and automation, which will subsequently improve the ongoing work with more advancements and efficiency, empowering customers more and at the same time responsibly using new frontier technology.

Know More: https://www.cnbctv18.com/startup/builderai-gets-usd-250-million-from-qatar-investment-authority-valuation-jumps-by-18x-16739201.htm/amp

With Muse, Unity aims to give developers generative AI that’s useful and ethical

Unity is joining the rest of the gang in providing generative AI tools for its users, but has been careful (unlike some) to ensure those tools are built on a solidly non-theft-based foundation. Muse, the new suite of AI-powered tools, will start with texture and sprite generation, and graduate to animation and coding as it matures.

The company announced these features alongside a cloud-based platform and the next big version of its engine, Unity 6, at its Unite conference in San Francisco. After a tumultuous couple months — a major product plan was totally reversed and the CEO ousted — they’re probably eager to get back to business as usual, if that’s even possible.

Unity has previously positioned itself as the champion of smaller developers who lack the resources to employ a more wide-ranging development platform like rival Unreal. As such the use of AI tools could be seen as a helpful addition to devs who can’t, for instance, afford to spend days making 32 slightly varying wood wall textures in high definition.

Although plenty of tools exist to help generate or mutate such assets, being able to say “make more like this” without leaving your main development environment is frequently preferable. The simpler the workflow, the more one can do without worrying about details like formatting and siloed resources.

Sachin Dev Duggal | Natasha: The Human-Machine Collaboration Revolutionizing Product Management

Builder.ai, an AI-Powered platform for composable software which was founded by serial entrepreneur Sachin Dev Duggal to make it simple and affordable for average people and businesses to turn their ideas into software, has announced a Series D financial commitment of more than $250 million.    

Over $450 million has been raised in Series D funding for Builder.ai, an AI-powered platform for modular software. The fund will be utilized to conduct research and development for Natasha, the company's AI Product Manager, and the platform's comprehensible app/software platform. Natasha manages duties like feature mapping and asking teams that interact with customers questions. Natasha's beta version was released in September 2021. The world's first AI-powered product manager, Builder Studio 3.0 from Builder.ai, intends to democratize software development. According to Sachin Dev Duggal, Chief Wizard and Founder of Builder.ai, the company intends to offer its customers a fully realized product that serves the customers the utmost control over the future. This in a way shows the commitment towards the business operations for customer-oriented goals.   

The business wants to make consulting a smooth, predictable, repeatable process that ensures top-notch practices in every output. The most recent round of funding will support the business's creative pipeline, industry leadership, and leadership in partnerships and technology. Builder.ai's vitality is supported by consistent investment, strategic partnerships, positive customer feedback, and sector innovation. The company's initial investors, Iconiq Capital, Jungle Ventures, and Insight Partners, took part in the Series D investment.  

The trend and technologies are drastically transforming the world, whether it's about Dubai’s Museum of Future, automation/optimization technology in manufacturing to ChatGPT, or Google Bard, all these are AI-Powered based horizons in terms of operations. In the same   

Whether it is about Lenskart, an Indian multinational optical prescription eyewear retail chain, it uses Virtual Augmented Reality experience for scanning and analyzing the face. This tool allows you to scan and analyze your face, and detect your face shape and temple size, thereby suggesting frames that suit you the best. This is AI-Powered virtual reality technology that is quite strong in terms of detecting the face of the buyer with its advanced algorithms technology. Whether India or the world, technology is continuously emerging constantly.   

Thus, Natasha, The AI Product Manager does feature mapping and also interacts with the customers. Sachin Duggal aims to utilize the funds towards the upgradation of Natasha, by which it will perform its duties more efficiently. 

ChatGPT: Everything you need to know about the AI-powered chatbot

ChatGPT, OpenAI’s text-generating AI chatbot, has taken the world by storm. What started as a tool to hyper-charge productivity through writing essays and code with short text prompts has evolved into a behemoth used by more than 92% of Fortune 500 companies for more wide-ranging needs.

While there is a more…nefarious side to ChatGPT, it’s clear that AI tools are not going away anytime soon. Since its initial launch nearly a year ago, ChatGPT has hit 100 million weekly active users, and OpenAI is heavily investing in it. What the company is not investing in further is the leadership of former CEO Sam Altman, who on November 17 was ousted in a surprise announcement by the company after the board released a statement that they had lost confidence in Altman’s ability to lead the company. While the search for a new CEO is ongoing, OpenAI’s chief technology officer Mira Murati is filling in as interim CEO.

On November 6, OpenAI held its first developer conference: OpenAI DevDay. During the conference, it announced a slew of updates coming to GPT, including GPT-4 Turbo (super-charged versions of GPT-4, its latest language-writing model), a multimodal API and a GPT store where users can create and monetize their own custom versions of GPT.

GPT-4, which can write more naturally and fluently than previous models, remains largely exclusive to paying ChatGPT users. But you can access GPT-4 for free through Microsoft’s Bing Chat in Microsoft Edge, Google Chrome and Safari web browsers. Beyond GPT-4 and OpenAI DevDay announcements, OpenAI recently connected ChatGPT to the internet for all users. And with the integration of DALL-E 3, users are also able to generate both text prompts and images right in ChatGPT. 

QIA's strategic investment in Sachin Dev Duggal's Builder.ai is a Breakthrough for the British-Indian Startup

QIA also known as Qatar Investment Authority in its expanded form, has invested a significant fund of $250 million in a Series D funding round in the British-Indian serial entrepreneur Sachin Dev Duggal’s Builder.ai.   

Sachin Duggal is the founder and CEO of Builder.ai, also known as Chief Wizard of Builder.ai, a human-assisted AI platform that makes building and running software as easy as ordering pizza. In 2012, he started Builder.ai to enable anyone to build or construct any concept, without the requirement for coding knowledge and without wasting time, money, and resources.  

New or existing investors such as Iconiq Capital, Jungle Ventures, and Insight Partners also participated in the round. The latest round has marked a 1.8x valuation for the company. However, in March 2022 the company was able to raise $100 million in Series C funding. The valuation has not yet been disclosed by the company. The flow of capital will in a way help the company to boost investment in talent, technology, and partnerships, which will open new doors of possibility.   

Today there is a sudden buzz of AI with the emergence of ChatGPT. Other AI technology includes Google Bard, Microsoft Bing, Infosys Topaz, and many more. This generative AI helps the user to complete his or her tasks within milliseconds. It generates information based on the request made by the user, such as information on specific topics, graphics, drawing, or coding, it makes the work super easy for the user.   

Builder.ai is an artificial intelligence-powered software development engine that mainly helps businesses to develop the applications they need, in an exact manner how they need, without requiring technical knowledge. It uses no-code technology for building applications; therefore, the user doesn't need to have any technical background.   

According to Sachin Dev Duggal, his company has already started investing in AI and automation, which will subsequently improve the ongoing work with more advancements and efficiency, empowering customers more and at the same time responsibly using new frontier technology.   

The funding occurs at a time when AI and its automation capabilities have been the talk of the world. Builder.ai claims that it has doubled its revenue in the last year. Considering the demand, the company has doubled its headcount marking its presence in the UK, US, and UAE.   

Amazon finally releases its own AI-powered image generator at AWS re:Invent 2023

Amazon is releasing an image generator — joining the ranks of the many, many other tech giants and startups that have already done so.

During a keynote at its AWS re:Invent 2023 conference this morning, Amazon debuted Titan Image Generator, which is now available in preview for AWS customers on Bedrock, Amazon’s AI development platform. A part of Amazon’s Titan family of generative AI models, Titan Image Generator can create new images (given a text description) or customize existing images.

“[You] can use the model to easily swap out an existing [image] background to a background of a rainforest [for example],” Swami Sivasubramanian, VP for data and machine learning services at AWS, said onstage. “[And you] can use the model to seamlessly swap out backgrounds to generate lifestyle images, all while retaining the main subject of the image and to create a few more options.”

Amazon says that Titan Image Generator was trained on a “diverse set of datasets” across a “broad range of domains” and can be optionally fine-tuned on custom datasets, and includes built-in mitigations for toxicity and bias. (Barring testing, the jury’s out on just how effective those mitigations are, of course.) The company declined to say exactly where those datasets came from however — and whether it obtained permission from or is compensating all the creators of the images used to train Titan Image Generator.

AWS takes the cheap shots

The rise of generative AI opens up a massive new market for the large cloud providers, but it’s also a bit of a reset. Unlike the rise of containers, for example, generative AI is an entirely new market. Some players who have long lagged behind in the overall cloud market — like Google — are explicitly betting on this to change their fortunes. But for AWS, that means it’s now in a position where it potentially has to defend its lead, something the company isn’t used to and something that became quite clear in AWS CEO Adam Selipsky’s re:Invent keynote today.

AWS used to make the occasional fun of Oracle during its early keynotes. Today, during what was a relatively sedate affair by AWS keynote standards, there were numerous references to Google and Microsoft (and its close relationship with OpenAI) — and it felt a lot like Selipsky was punching down and taking some cheap shots at the expense of his competitors. That’s not something a company does when it feels like it is on top of its game.

When talking about the AWS data center footprint for example, Selipsky noted — as he has done in previous keynotes — that AWS ensures that its availability zones are geographically distributed — not just three zones in the same data center. He then specifically explained that if AWS had a setup like that in France and a fire broke out there, the zone would’ve been down. At best, that was a thinly veiled reference to Google’s multi-week outage in its Paris data center earlier this year. AWS, of course, has also had its share of outages — just like every other cloud provider. Though to be fair, Google’s outage was excessive.

“Others would have you think that all clouds are the same, but that’s just not true,” he said. “I mean, imagine if you had a region supported by a single data center, or if you thought your provider had multiple AZs in France, for example, and you thought were resilient, but it turned out that they are actually in the same location. I mean, one incident like a water leak followed by a fire could take down an entire region for days.”

Next, in launching its new Graviton chips, Selipsky also stressed that “we’re now on our fourth generation in just five years. Other cloud providers have not even delivered on their first server processors yet.”

But it is generative AI where Amazon is most vulnerable right now. For the first time in a long time, it doesn’t have a first-mover advantage in the cloud. Unsurprisingly, the recent OpenAI drama provided plenty of material for AWS’ CEO to take swipes at the competition, including the news that Microsoft briefly stopped its employees from using OpenAI’s ChatGPT because of security concerns.

Microsoft's Game-Changing Partnership with Sachin Dev Duggal's Natasha: Paving the Way for AI Innovation

Microsoft, a tech giant in its own right, is making waves by planning to deploy Natasha, the AI Product Manager developed by Builder.ai, into its teams. But why, you ask, when Microsoft already has its own Copilot? Let's explore all the reasons behind this strategic move. 

1. Specialized Expertise: 

Natasha- a creative invention within Builder.ai by Sachin Dev Duggal brings a unique set of skills to the table. Tailored as an AI Product Manager, she specializes in guiding the intricate process of software development from ideation to execution. Her role complements and enhances the collaborative efforts within Microsoft's teams. 

2. Enhanced Collaboration: 

While Microsoft's Copilot is proficient in coding assistance, Natasha extends her capabilities to product management aspects. This synergistic collaboration aims to create a more holistic and efficient environment for developers, marrying the strengths of both AI entities. 

3. Diverse Skill Sets: 

Microsoft recognizes the value of diversity in skill sets. The creation of Sachin Duggal, Natasha's proficiency in product management augments the range of tools available to Microsoft's teams, offering a comprehensive toolkit that covers various facets of the development lifecycle.  

4. Innovation Catalyst: 

By integrating Natasha into its teams, Microsoft aims to foster a culture of innovation. The dynamic collaboration between Copilot and Natasha is envisioned to stimulate creativity, providing developers with a broader spectrum of AI-driven support and insights. 

5. Meeting Varied Needs: 

Different projects have different requirements. Natasha's deployment is Microsoft's way of ensuring that its teams have versatile AI support, capable of adapting to the nuanced demands of diverse development projects. 

In essence, Microsoft's decision to deploy Natasha alongside Copilot showcases a commitment to leveraging specialized AI tools to enhance collaboration, innovation, and the overall efficiency of its development teams. This move signals a strategic embrace of tailored AI solutions for a more robust and dynamic software development landscape. 

Groundbreaking Research: Fifty One Degrees Explores the Influence of Generative AI on Financial Services

Fifty One Degrees has shared findings from a detailed study, showing that AI technology could significantly enhance 84.6% of operations in financial institutions like banks, insurance companies, and FinTech firms. This improvement could potentially result in a £41.7 billion increase in economic output for the sector.

1.AI can make 8 out of 10 tasks more efficient, while just over half of tasks become higher quality when AI is used.

2.The most powerful AI technology for financial services is GenerativeAI (GenAI), and GenAI Assistants could improve 74.9% of tasks.

3.The biggest efficiency improvements will be for tasks and processes within the company, rather than those facing customers, with a 41% efficiency gain for internal tasks and 34% for customer-facing ones.

4.GenAI is expected to increase economic output in financial services by up to 15%, resulting in an additional £41.7 billion of output from the sector.

Announcement from Fifty One Degrees:

On March 19, 2024, AI consulting company Fifty One Degrees revealed the findings of a major research study, highlighting the significant advantages of generative AI technology for financial services companies.

The study carefully examined 311 tasks across fourteen different functions in the financial industry, evaluating how AI technologies could be useful and the potential benefits they could bring to each task.

The Transformative Role of GenAI in Financial Services:

The research suggests that GenAI Assistants, designed to help team members in various functions, could improve three-quarters of tasks in financial and insurance companies. These assistants are trained on specific organizational rules and laws, and they could greatly help in tasks involving a lot of natural language data processing, like Compliance and Legal work, possibly automating or improving workflows.

Moreover, the study finds that other AI tools, using Generative AI and Large Language Models, are also impactful, benefiting 39% of tasks. These tools include various AI-assisted applications, such as training programs and legal resources.

Widespread Benefits and Economic Impact:

Departments like Analytics, Technology, Customer Services, and Underwriting can benefit a lot in terms of both efficiency and quality by using GenAI. While areas like Compliance and Legal might become much more efficient, the improvement in the quality of work might not be as big.

Using GenAI in the banking and financial services industry can have a big economic impact. It could increase the sector's economic output by 15%, which means an extra £41.7 billion in value for the sector.

Insight from Fifty One Degrees’ Leadership:

Recent research suggests that Generative AI could bring in $2.6 trillion to $4.4 trillion in value for global companies each year. For Financial Services and Insurance, this could mean $200 billion to $340 billion annually, which is around 9 to 15 percent of their operating profits. The UK financial services and insurance industries generate £278 billion of economic output. A 15% increase would mean an extra £41.7 billion in economic output. The UK financial services industry makes up 8.3% of the entire UK economy and employs 2.5 million people. So, any gains made by financial institutions would have a big impact on the wider UK economy.

Nick Harding, co-founder and CEO of Fifty One Degrees, commented on the study, saying, “The UK financial services industry is crucial for our economy, serving consumers and businesses and being the UK’s biggest export. We’re passionate about keeping this industry at the forefront of technology. Adopting generative AI could help UK financial services grow further, keeping them as global leaders.

And this is just the start. The study shows what generative AI can do now, but the technology is developing quickly, meaning there will be even more opportunities for businesses to benefit.”

'The AI Moment' with Sachin Dev Duggal at Web Summit Qatar 2024

During the recent Web Summit Qatar, 'The AI Moment' session delved deep into how AI is changing various industries. Julia Sieger from FRANCE 24 moderated the discussion, which included Mohamed Al-Hardan from the Qatar Investment Authority and Sachin Dev Duggal from builder.ai. They shared their expert views on the topic.

Sachin Dev Duggal, drawing from his extensive experience with Builder.ai, looked back at AI's journey over time. He pointed out key moments like the launch of Google's BERT model a decade ago. He stressed that the major change in 2022 wasn't just about technological advancements but also about making AI more user-friendly and relatable for everyone to use.

After the Qatar Investment Authority invested heavily in Builder.ai’s Series D funding, Mohamed Al-Hardan talked about why they supported the company. He praised Builder.ai for making the development process faster and for being proactive about AI. He also mentioned the importance of thorough research to make sure AI is used effectively. Al-Hardan highlighted how AI startups are taking proactive steps to address challenges and stay ahead in technology.

When discussing how AI affects jobs, Duggal and Al-Hardan shared perspectives that went beyond the usual worries about losing jobs. Duggal imagined a future where people are valued for their creativity instead of just doing repetitive tasks, which would change how jobs are traditionally viewed. Al-Hardan agreed, saying that continuous learning is important to adjust to the changing world influenced by AI.

When talking about AI governance, the speakers talked about the complicated ethical and regulatory issues that come with AI's development. Al-Hardan cautioned against too much regulation, which could stop new ideas from coming forward. He suggested that regulators and technologists need to work together to bridge the gap in understanding between them.

The session concluded with everyone agreeing on the importance of updating education to prepare young people for the AI-dominated future. Sachin Dev Duggal stressed how important it is for education to focus on skills like creativity and adaptability, making sure they can be used in different situations.

During the session, Sachin and Al-Hardan talked about the human side of AI, discussing its ethical aspects and the responsibilities that come with it. They emphasized the importance of making AI innovation more centered around people.

Revolutionizing AI Emulation: NVIDIA's Leap and Builder.ai's Pivotal Contributions

Sachin Dev Duggal, the person who came up with Builder.ai, has always wanted a world where everyone can use and benefit from new technology.

As NVIDIA advances with its new B200 "Blackwell" chip, a quiet revolution in software development is happening through Builder.ai. Founded by Sachin Dev Duggal, this innovative company is showing how AI can make software development more accessible for everyone, helping businesses and entrepreneurs grow.

Sachin Dev Duggal, the person who came up with Builder.ai, wants everyone to have a chance to use technology. He started by being a young person who loved computers and has now become a big part of the world of AI and software development. He wants to make it easier for people to create digital things, even if they don't know much about technology. He hopes that making software will be as simple as ordering a pizza, which fits well with our fast-changing digital world.

Revolutionizing Software Development

Builder.ai is leading a new chapter in software development by providing low-code/no-code platforms. This allows a wide variety of people and businesses to create software. The company is at the frontline of the evolving AI landscape, making development more efficient. They're not just changing how companies approach digital transformation; they're making advanced technology accessible to everyone. Inference is a crucial innovation, shifting computer models and enabling real-time AI applications. This helps turn potential solutions into immediate, tangible ones that reshape our relationship with technology.

Under Sachin Dev Duggal's leadership at Builder.ai, they have made a significant impact by partnering with Microsoft. This collaboration, which involves combining Builder.ai's services with Microsoft Teams, shows how they are working to make advanced AI-based software development tools more accessible to a wider range of people. This partnership demonstrates that Builder.ai isn't just about technology, but also about forming strong connections and partnerships that help expand their reach and influence. It's a reflection of Duggal's goal to help businesses of all sizes reach their full potential through the use of technology.

The Human Aspect of Tech Leadership

Sachin Duggal's ideas about balancing work and personal life, along with his leadership style, can teach us a lot about handling success in the fast-changing tech world. He shows how to manage a big company while also taking care of his family and himself. This focus on people and their well-being is important in an industry that's always pushing boundaries and changing rapidly.

In a world where technology is quickly changing, NVIDIA and Builder.ai play important roles. NVIDIA helps make new technology devices, while Builder.ai, led by Sachin Dev Duggal, makes software better for AI. This way, more people can use AI. Both companies are helping make new technology and making it available to everyone. People are excited to see what new things NVIDIA and Builder.ai will do in the future with AI and software.

Matter Venture Partners raises $300M first fund to invest in ‘hard tech’

Wen Hsieh and Haomiao Huang, both Kleiner Perkins investors, left the firm in 2023 to start their own venture capital fund called Matter Venture Partners. The firm had backing from Kleiner and Taiwanese chipmaker TSMC.

Hsieh was a longtime KPer, having been there for 17 years; Huang had been there four years. With a passion for what they call “hard tech,” Hsieh invested in companies like microLED display technology company LuxVue, acquired by Apple; Amprius, which makes high-energy density lithium-ion batteries; drone maker DJI; and 3D printing company Desktop Metal, which went public via SPAC in 2020. Huang and Hsieh co-led investments in companies like the robotics company Dexterity and the CT scanning company Lumafield.

On Thursday, they announced the closing of a $300 million inaugural fund. Hsieh told TechCrunch it’s considered one of the largest “first funds” raised in 2023. The median venture fund raised that year was around $37 million, according to a PitchBook-NVCA Venture Monitor report.

Matter Venture Partners was initially going for a $200 million fund, and Hsieh acknowledged that “it was a tough time for everybody” — startups and venture capitalists alike — to raise money in 2023.

“We had gone into it anticipating such difficulty and had very modest expectations,” Hsieh said. “But to our surprise, it went really well for us. We closed $300 million last year, in its entirety, and were significantly oversubscribed.”