Microsoft is committed to investing extensively in frontier technologies to keep up with the rapidly developing field of artificial intelligence (AI). OpenAI is making great gains toward improving AI capabilities thanks to a multiyear, multibillion-dollar investment. Microsoft Orca, a more compact AI model optimized for certain use scenarios, is one of the most significant new advances. In this piece, we’ll take a closer look at Microsoft Orca, analyzing its features, capabilities, and prospective applications while also contrasting it to other available AI models.
Microsoft Orca, in contrast to its larger competitors like ChatGPT and Google Bard, is built to tackle the challenges faced by the high computing requirements of huge language models. Orca can mimic the logic behind LFMs despite its massive 13 billion parameter size, making it a powerful tool for efficient data analysis. This more compact model was built with the intention of gaining knowledge from the over one trillion parameters made available by GPT 4. To improve its reasoning skills, it uses explanatory trails, complex commands, and in-depth cognitive processes.
There are many benefits to Microsoft Orca’s small size. Orca is targeted for certain applications and doesn’t require a dedicated data center, in contrast to larger versions, which require specialized infrastructure to handle the massive amounts of data and wide range of tasks they require. This facilitates its use in a wide variety of settings at a low cost. The model can tap into the wisdom of the crowd thanks to its open-source design, which encourages participation and feedback from the general public.
Microsoft Orca has performed exceptionally well on a number of competitive benchmarks. Despite its lower size, it outperforms other instruction-tuned models and is on par with OpenAI’s ChatGPT in Big-Bench Hard (BBH) benchmarks. Orca also demonstrates its intelligence in a CoT-free environment by performing admirably on standardized tests like the LSAT, GRE, and GMAT. Orca’s capacity to learn from human-provided, step-by-step explanations and other Large Language Models (LLMs) puts it in a strong position to compete with GPT-4 and other leading AI systems.
Microsoft Orca’s adaptability means it might be used in a broad variety of contexts. It is well-suited for jobs that call for complicated decision-making and problem-solving because of its reasoning abilities and flexibility. Examples of possible applications include:
Microsoft Orca can be used to improve customer care systems and chatbots due to its capacity to learn and reason from large volumes of data. It has improved comprehension and response to user queries, resulting in more tailored and precise responses.
The reasoning powers of Microsoft Orca can be put to use in the examination of massive datasets, yielding useful insights. Data-driven decisions, pattern recognition, and trend forecasting are all areas where it may help firms succeed.
Orca’s compact design makes it an appealing option for use in virtual assistants. It has the ability to interpret user requests made in natural language and respond appropriately based on the user’s context.
Microsoft Orca can be used in content generation, especially in industries like journalism and creative writing, due to its capacity to mimic human thinking processes. It can offer recommendations, check facts, and improve overall coherence to help authors produce high-quality content.
The artificial intelligence (AI) industry has made great strides thanks to Microsoft’s Orca. Its open-source design, compact form factor, and efficient use of resources give it a competitive edge over more conventional devices. Its superiority as an AI model is further confirmed by its outstanding results on benchmarks and competitive tests. Microsoft Orca is set to make waves and contribute to the development of artificial intelligence applications across a wide range of industries as the industry as a whole continues to develop.
First reported on Hindustan Times
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!