Former Google China President's Startup 0.1AI Hits $1B Valuation, Outperforms Meta's Llama 2
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In a span of less than eight months, Chinese startup 01.AI has achieved a $1 billion valuation. The artificial intelligence (AI) firm, founded by AI trailblazer Kai-Fu Lee, who headed Google in China, has launched a new open-source AI model that surpasses the performance of industry giants, including Meta Platforms Inc.’s (NASDAQ:META) Llama 2, on certain vital metrics.
What Happened: The news was announced by Lee himself, the head of Sinovation Ventures and the brains behind 01.AI.
The startup, which commenced operations in June, has managed to grab the global tech spotlight by surpassing the performance metrics of well-known open-source models.
The company’s flagship large language model, Yi-34B, is now accessible to developers globally in both Chinese and English languages.
As reported by Bloomberg, Yi-34B has outshone Meta’s Llama 2, which has been a standard in the industry.
In an interview, Lee stated, “Llama 2 has been the gold standard and a big contribution to the open-source community. We want to provide a superior alternative not just for China but for the global market.”
Why It Matters: The rise of 01.AI comes in the wake of a recent AI safety summit held in the U.K., featuring leaders from China, the U.S., the EU, and other nations.
The attendees pledged to work together to manage the risks associated with rapidly advancing AI technologies. The invite to China, despite facing criticism, was supported by Elon Musk, CEO of Tesla, who previously highlighted China’s role in ensuring AI safety.
The startup’s achievement is notable, considering the ongoing political tensions between the U.S. and China. Despite the U.S. administration’s ban on selling Nvidia Corp.’s (NASDAQ:NVDA) most advanced AI semiconductors to Chinese customers, 01.AI has stockpiled the chips it needs for the foreseeable future.
In addition to the open-source model, 01.AI is already strategizing its business plan. The startup aims to work with customers on proprietary alternatives and plans to add support for more languages in the future, offering a competitive edge to global organizations.
Engineered by Benzinga Neuro, Edited by Ananya Gairola
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