OpenAI, the San Francisco-based lab behind AI systems like GPT-3 and DALL-E 2, today launched a new program to provide early-stage AI startups with capital and access to OpenAI tech and resources.
Called Converge, the cohort will be financed by the OpenAI Startup Fund, OpenAI says. The $100 million entrepreneurial tranche was announced last May and was backed by Microsoft and other partners. The 10 or so founders chosen for Converge will receive $1 million each and admission to five weeks of office hours, workshops and events with OpenAI staff, as well as early access to OpenAI models and "programming tailored to AI companies."
"We’re excited to meet groups across all phases of the seed stage, from pre-idea solo founders to co-founding teams already working on a product," OpenAI writes in a blog post shared with TechCrunch ahead of today's announcement. "Engineers, designers, researchers, and product builders … from all backgrounds, disciplines, and experience levels are encouraged to apply, and prior experience working with AI systems is not required."
The deadline to apply is November 25, but OpenAI notes that it'll continue to evaluate applications after that date for future cohorts.
When OpenAI first detailed the OpenAI Startup Fund, it said recipients of cash from the fund would receive access to Azure resources from Microsoft. It's unclear whether the same benefit will be afforded to Converge participants; we've asked OpenAI to clarify. (Update: An OpenAI spokesperson confirmed that Converge will include Azure access.) We've also asked OpenAI to disclose the full terms for Converge, including the equity agreement, and we'll update this piece once we hear back.
Beyond Converge, surprisingly, there aren't many incubator programs focused exclusively on AI startups. The Allen Institute for AI has a small accelerator that launched in 2017, which provides up to a $500,000 pre-seed investment and up to $450,000 in cloud compute credits. Google Brain founder Andrew Ng heads up the AI Fund, a $175 million tranche to initiate new AI-centered businesses and companies. And Nat Friedman (formerly of GitHub) and Daniel Gross (ex-Apple) fund the AI Grant, which provides up to $250,000 for "AI-native" product startups and $250,000 in cloud credits from Azure.
With Converge, OpenAI is no doubt looking to cash in on the increasingly lucrative industry that is AI. The Information reports that OpenAI — which itself is reportedly in talks to raise cash from Microsoft at a nearly $20 billion valuation — has agreed to lead financing of Descript, an AI-powered audio and video editing app, at a valuation of around $550 million. AI startup Cohere is said to be negotiating a $200 million round led by Google, while Stability AI, the company supporting the development of generative AI systems, including Stable Diffusion, recently raised $101 million.
The size of the largest AI startup financing rounds doesn't necessarily correlate with revenue, given the enormous expenses (personnel, compute, etc.) involved in developing state-of-the-art AI systems. (Training Stable Diffusion alone cost around $600,000, according to Stability AI.) But the continued willingness of investors to cut these startups massive checks — see Inflection AI's $225 million raise, Anthropic's $580 million in new funding and so on — suggests that they have confidence in an eventual return on investment.
This episode's top 12 results had few surprises, but when it was time for the Instant Save sing-off to determine the 13th spot, things got unpredictable.
Amy Schneider, Andrew He and Sam Buttrey meet again in the finals.
(Bloomberg) — Oil slipped as investors weighed a potential escalation of the war in Ukraine after Poland was struck by a Russian-made missile.Most Read from BloombergUkraine Latest: Poland Says Russian-Made Missile Hit VillagePoland Says Russian-Made Missile Hit Territory and Killed Two PeopleMusk Steps Up Purge of Twitter Engineers Who Criticize HimBiden Says Unlikely Rocket That Hit Poland Was Fired From RussiaFTX’s Balance Sheet Was BadWest Texas Intermediate futures dropped toward $86 a bar
Take a look at the latest College Football Playoff Rankings, the third release of 2022.
(Philadelphia Flyers) with a Spectacular Goalie Save from Columbus Blue Jackets vs. Philadelphia Flyers, 11/15/2022
Auburn fans are buzzing following the Tigers' win over Winthrop on Tuesday night
He started with a disciplined attack on the failures of the Biden administration. But his ego can’t stay quiet for two hours, let alone two years. [Opinion]
The announcement sets up a possible repeat of 2020's bitter contest with President Joe Biden.
Malik Hall forced two extra periods with dunks off inbounds plays, and Michigan State outlasted No. 4 Kentucky 86-77 in double overtime on Tuesday night after Oscar Tshiebwe concluded his strong season debut by fouling out. Tshiebwe, last season's consensus national player of the year, had 22 points and 18 rebounds for the Wildcats (2-1) before picking up his fifth foul late in the first overtime. Michigan State (2-1), coming off a one-point loss to No. 2 Gonzaga on the deck of the USS Abraham Lincoln, appeared headed for another tough nonconference defeat in this Champions Classic matchup.
The Oklahoma Sooners got big games from Grant Sherfield and Joe Bamisile for a big win over UNC-Wilmington 74-53. From @bendackiw
The MLB free agent market is heating up as the Yankees re-signed first baseman Anthony Rizzo while New York slugger Aaron Judge has yet to lock up a new deal following his historic season. In the NFL, Cooper Kupp joins the growing list of top offensive players to land on Injured Reserve while Washington star defensive end Chase Young is set to return from injury and play his first game with the Commanders in more than a year and fans who plan to attend the World Cup in Qatar have a new resource to help them find local pubs… which is harder to do than you’d think. Plus, with the success of games in London, Mexico City and Munich, the NFL is eyeballing two additional countries to play host to America’s Game.
The best Twitter reactions to Michigan State's thrilling win over Kentucky
The former president brushed off concerns about the GOP, saying Americans had not yet realized the “pain our nation is going through.”
There was no change at the top of the College Football Playoff for the first time this season. Georgia remains No. 1 followed by Ohio State, Michigan.
Microsoft announced enhanced policies it said are meant to prevent sexual harassment and gender discrimination, in response to an independent review that outlined areas for improvement.
Nov. 15—ELKHART — The Elkhart County Convention and Visitors Bureau Tuesday congratulated Sonya Nash on her recent move to Executive Director at the LaGrange County Convention and visitors Bureau. Nash begins her new role on Nov. 28, following a successful 23-year tenure with the Elkhart County CVB. She was the director of group & experiential sales and marketing and also the project manager …
Nov. 15—GOSHEN — Construction on another Habitat for Humanity home in Goshen could begin as soon as this week. During their meeting Monday afternoon, Goshen Board of Public Works and Safety members approved a resolution calling for the transfer of a city-owned vacant lot at 311 N. Ninth St. to Habitat for Humanity of Elkhart County for use in the construction of a new Habitat house. "The city …
The Times-Union rounds up high school sports scores across Jacksonville and Northeast Florida for the week of November 14-19, 2022.
After their loss to the Washington Huskies, the Oregon Ducks dropped several spots in the newly released College Football Playoff rankings.