AI Market Worth USD$1,345.2 billion by 2030, but what about Ethics and risks?
AI reinvents Legal sector. A call for responsible "burden sharing". Progress or threat to privacy and employment? Why every company needs a Chief AI Officer? Semantix grows 47% its revenue in Q2 2023.
The latest news and trends in the Latin American AI startup scene.
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The AI Divide: A Call for Responsible “Burden Sharing”
AI is rapidly growing and has the potential to greatly impact various industries. While AI offers many benefits, there are also risks that need to be addressed. The UN Security Council recently held a session on AI, discussing the potential dangers and the need for regulation. Jack Clark of Anthropic emphasized the importance of a public-private partnership to supervise the AI industry and maintain accountability.
China highlighted the need to balance scientific innovation with security and called for an international ethics-based framework for AI governance. However, the session overlooked the challenges faced by developing nations, including the digital divide and lack of resources.
The unequal distribution of AI growth also puts developing countries at risk. It is crucial to have shared responsibility to achieve equitable development and address the risks associated with AI. (International Policy Digest).
AI in Latin America: Engine of progress or threat to privacy and employment?
In recent times, Latin America has seen a marked increase in the adoption of Artificial Intelligence (AI) across various sectors. From process automation to sales and marketing optimization, companies are uncovering the potential of this technology to drive efficiency and growth.
As Daniel Scarafia, Vice President for Latin America and the Caribbean at Hitachi Vantara, explains in his column “Artificial Intelligence: The benefits outweigh the threats”: “Today’s company, if it wants to be competitive, must have continuous improvement policies. However, this productive ecosystem consists of cells that make up one or several processes, which are nothing more than a set of actions executed within a workflow to achieve the company’s objectives.”
A venture capital fund ALLVP report reveals that 46% of corporate businesses in Latin America are already using AI in their daily operations. Even more striking is that 93% of these companies plan to implement it in the future. These figures reinforce the idea that AI is essential to maintaining competitiveness in today’s business landscape. (Contxto)
Quick News
Artificial Intelligence Market Worth USD$1,345.2 billion by 2030, Growing at a CAGR of 36.8%
The AI market is expected to skyrocket by 2030, propelled by technological advancements and industry adoption.
Global AI market estimated to surge from USD$150.2 billion in 2023 to USD$1,345.2 billion by 2030.
Driving factors include advancements in computing, big data, cloud infrastructure, and AI-as-a-Service platforms.
Major trends encompass ethical AI, automation through RPA, adoption in sectors like healthcare and banking, and AI-powered edge computing.(GlobeNewswire)
Artificial intelligence for augmentation and productivity
MIT's Schwarzman College awards seed grants to seven AI projects.
Projects target enhancing workspaces and overall productivity.
Initiatives include improving healthcare job quality and productivity.
Efforts also center on democratizing programming via generative AI and AI-driven onboarding. (MIT News)
Why Every Company Needs A Chief AI Officer
The role of a Chief AI Officer (CAIO) is crucial in aligning an organization's AI strategy with its business goals, including identifying opportunities for automation and driving new business with AI.
The responsibilities of a CAIO include fostering a culture of AI-driven innovation.
Ensures the availability of necessary skills and resources.
Addresses ethical, regulatory, and compliance issues related to AI. (Forbes)
Semantix unveils 47% increase in SaaS revenue in Q2 2023
Semantix, a Latin American AI provider, has announced robust financial growth in Q2 2023. The company aims to fortify its partner strategies in LATAM and broaden its market reach.
Semantix reports 47% YoY growth in SaaS revenue and 51% increase in gross profit for Q2 2023.
Company aims to strengthen its go-to-market strategy with partners in LATAM.
Plans to expand market penetration across diverse customer segments.(Contxto)
ACAMS Announces LATAM Assembly 2023 to Combat Cyberattacks
The Association of Certified Anti-Money Laundering Specialists (ACAMS) is hosting an event in the Dominican Republic.
LATAM 2023 Assembly is a two-day event.
The assembly will focus on combating financial crime in Latin America, including the use of AI to mitigate money laundering.
Topics also cover cyberterrorism and regulatory priorities in digital banking and crypto-assets. (Contxto)
Dartmouth’s Latin American Community Explores Innovation
Dartmouth College recently conducted a series of discussions in Lima, addressing potential collaboration, innovation, and regional challenges like AI and mental health, aiming to bolster its community and impact in LATAM.
Dartmouth College, under President Sian Leah Beilock, holds discussions in Lima, Peru with Latin American leaders.
The talks aim to expand the university's community and impact in LATAM.
Focus areas include advancing collaboration, fostering innovation, and tackling urgent challenges like AI, mental health, and human-centered design. (Darthmouth)
Snapshot: The leading LatAm countries in AI “readiness”
Chile has been ranked first in a LATAM index on AI readiness, followed by Brazil and Uruguay.
LATAM has a lower penetration of AI skills compared to the rest of the world.
The region also lacks infrastructure for data processing and has limited scientific collaboration. (bnamericas)
OpenAI’s first acquisition is an AI design company
OpenAI, the company behind DALL-E and ChatGPT, has made its first acquisition by acquiring Global Illumination, a tech-focused AI design and development startup.
The acquisition of Global Illumination is part of a larger trend where designers bring substance and purpose to AI technology. (Fast Company)
AI is Reinventing the Legal Industry
Legal Tech, specifically AI-powered Legal Tech, has seen explosive growth in recent years.
AI in the legal sector offers several advantages, including helping lawyers make more money, improving their day-to-day experience, and saving time.
Legal language models (LLMs) trained on legal data can analyze and generate language-based products, similar to what great lawyers do.
AI not only replicates the skills of lawyers but also enhances them.
The legal industry is leading the adoption of AI due to its reliance on language data and the value it brings. (NFX)
AI Education
Business Intelligence & Data Analyst (BIDA)
CFI offers a Business Intelligence & Data Analyst Certification Program that provides training in various skills required for data analysis and business intelligence. The program consists of 33 courses covering topics such as data storage, data analysis, data visualization, and data transformation. It includes both core and elective courses, as well as a final exam to earn a certification. The program also offers optional prep courses for those who need to refresh their basics. Career opportunities in this field include data analyst, business analyst, and quantitative analyst/data scientist.
Data Science: Machine Learning
The course covers the basics of machine learning, including popular algorithms, cross-validation to avoid overtraining, and regularization. The main focus of the course is building a movie recommendation system, using training data to train algorithms and predict outcomes for future datasets.
Introduction to Artificial Intelligence (AI)
The course covers various topics including the definition and applications of AI, machine learning, deep learning, neural networks, and ethical concerns surrounding AI.
Food for Thought
The world has a big appetite for AI – but we really need to know the ingredients
Written by John Naughton, professor of the public understanding of technology at the Open University and author, the article discusses the lack of transparency in the development and operation of large language models (LLMs) by tech companies.
It highlights that the training data used for LLMs is often obtained through web crawlers, potentially including copyrighted material.
The carbon footprint of these systems is also a concern, with companies being secretive about the environmental costs.
The article emphasizes the need for regulators to require detailed disclosure about the measurement and control methods used by those developing and operating AI systems. (The Guardian)
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