LG to Invest over $100 million for Advanced AI-Tech Development
LG Group has shared plans to invest more than $100 million for the next three years to establish massive high-performance computing infrastructure for advanced artificial intelligence (AI) development.
LG AI Research, the group’s AI R&D hub, plans to develop a “hyper-mega AI” system resembling a human brain that can conduct comprehensive and independent learning, decision-making and actions by processing massive amounts of data.
To set up such an AI system, LG will establish top-class computing infrastructure that can perform 95.7 quadrillion calculations per second.
In the second half of the year, LG plans to unveil its hyper-mega AI system that has 600 billion machine learning parameters, more than triple of that of GPT-3, currently the world’s largest autoregressive language model created by U.S.-based OpenAI.
Young Indians Prefer Chatting Over Audio Calls
According to a research conducted by Nielsen, young Indians would rather chat when they wish to communicate instead of calling people up over the phone. The research studied Gen Z and millennials who said chatting over various messaging apps was an easy and fun way of communication. Over 50% of the respondents preferred chatting over audio calling (37%) and video calling (13%).
The study is based on responses from 900 consumers aged between 18 and 40 years across five metros and six non-metro cities.
83% of respondents said that they chat multiple times during a day. Around seven in 10 respondents said that their chatting activity has increased in the last six months and shall remain the same or increase further in the next six months.
The findings of the study highlight that emojis are the most used and shared chatting format across demographics with 68% share. In terms of gender, females (60%) score significantly higher than males (45%) in using emojis for almost every time they chat.
B2B eCommerce Platform Moglix Enters Unicorn Club
Business-to-business commerce platform Moglix has raised $120 million in a new financing round led by Falcon Edge and Harvard Management Company at a valuation of $1 billion.
This makes it the latest entrant to the much coveted unicorn club taking the total tally to 13 this year, so far. This is the second unicorn in the B2B commerce sector to be birthed this year, after Infra.Market, raised $100 million led by Tiger Global.
Founded in 2015, Moglix is a B2B commerce platform in the industrial & MRO (maintenance, repair and operations) procurement space. The company is building an operating system for manufacturing that provides its customers a full stack service covering procurement, packaging, supply chain financing and highly integrated software.
Moglix claims to have a network of more than 5,00,000 SMEs and 3,000 manufacturing plants across India, Singapore, the UK and the UAE. It counts companies like Hero MotoCorp, Vedanta, Tata Steel, Unilever and PSUs such as Air India and NTPC among its clients who procure indirect material through the Moglix platform.
