The accuracy and speed of its language model, GPT-3, (which has been trained by effectively ingesting all the text on the internet) has shocked users. “These are the two areas where we think we’ll see the single greatest increase in investment in the next five to 10 years.”Īdvances by Microsoft and Elon Musk-backed generative AI tech start-up OpenAI have sparked investor fervour. From Square Peg’s perspective, if you ask me the two things I’m most excited about, it’s AI broadly and generative AI specifically, as well as climate tech. I think the role of Australia will be similar to what it was when software-as-a-service emerged 15 years ago – there will be lots of players around the world, but we will punch above our weight,” he told The Australian Financial Review. “We’re seeing a lot of start-up activity and a lot of funding. Square Peg Capital’s Paul Bassat said generative AI – a type of AI that involves creating original content, be it text, images, audio or data – would be a “very important paradigm” for the next decade. Generative artificial intelligence, which won global attention through the stellar launch of OpenAI’s ChatGPT, is being heralded as the greatest technological shift since the invention of the smartphone.Īnd Australia, investors say, is match fit and ready to capitalise on what could be the defining technological innovation of the 2020s.įrom left: Anthony Goldbloom (Kaggle co-founder), Paul Bassat (Square Peg partner) and John Henderson (AirTree partner) ![]() Amid the global carnage in tech valuations, there is one area that is still exciting investors and Australian companies are poised to grab an outsized share.
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