5 AI developments you might have overlooked today: Cohere CEO discusses GenAI, AI addressing accountant shortage, and more
In the latest AI news, Fieldguide, a startup, is working on AI tools for auditing and fraud detection to address the shortage of accountants. The company has secured $30 million in funding. Additionally, Cohere CEO Aidan Gomez discusses the future of generative AI in an interview with The Associated Press. Stay updated on these and other AI developments on March 26, 2024.
- Fieldguide raised $30 million to develop an AI-based tool for accounting tasks
Fieldguide plans to build an AI tool that meets the requirements of accounting and also addresses issues related to the shortage of accountants. To date, the company has raised $30 million for its AI tool, which can perform multiple tasks such as auditing, fraud detection, compliance and forensic services, and other repetitive tasks. Jin Chang, a former Ernst & Young consultant, said: “Endless working hours and job boredom are accelerating burnout among CPAs and they quit, but the number of new CPA contracts in the industry is falling.” Thus, an AI tool fills the gap, according to a Bloomberg report.
2. Cohere CEO Aidan Gomez on the future of generative artificial intelligence
Cohere’s CEO Aidan Gomez spoke in an interview with the Associated Press about language models for artificial intelligence and whether the company is building AGI (Artificial Generation Intelligence). Although he denied the question, saying, “No, I don’t see that as part of my mission. For me, AGI is not the end goal. The end goal is the profound positive impact of this technology on the world.” When asked about the “biggest public misconceptions about generative AI,” Gomez said, “Technology is coming and taking us over and displacing us.” Gomez said in support of the statement that technology is good for us and tech giants are doing their best to eliminate the emerging risk, according to the AP report.
3. G7 CR Technologies launched an AI application program
Cloud and artificial intelligence service company G7 CR Technologies introduced the AI Apps program for companies to take advantage of advanced technology. With the help of the program, companies can know how artificial intelligence can be used in their everyday business. G7 CR Technologies CEO Jesintha Louis said, “We believe AI has the potential to transform businesses across industries, and our AI application program is designed to make this transformation accessible and achievable for everyone,” according to an ANI report.
4. Evolve Funds Group Inc. launched an AI exchange-traded fund (ETF)
A Canadian asset management company unveiled its exchange-traded fund (ETF) tool built with artificial intelligence (AI). The Evolve Artificial Intelligence Fund is based on technology developed by Boosted.ai, and the tool will own mega-cap technology stocks such as Nvidia or Microsoft for AI solutions. Raj Lala, CEO of Evolve Funds Group Inc., said: “We’ve been exploring the AI space for about two years, and investors asked us to put together an AI-themed product. This suddenly seemed like a space in the market that hadn’t been filled,” according to a Reuters report.
5. Microsoft Bing Chief resigns as Mustafa Suleyman joins as AI chief
After Mustafa Suleyman joined Microsoft Bing to lead its AI initiatives, Mikhail Parakhin, head of the company’s Bing search engine, is stepping down. Now it is reported that Parakhin is looking for new roles and opportunities. Now, Microsoft’s consumer AI division is headed entirely by Suleyman, leading to serious confusion within the company, according to a Bloomberg report.
