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Liquid Diamonds Poised for Major Growth After Raising Rs. 9 Crores in Funding

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Liquid Diamonds, a B2B diamond sourcing platform with offices in New York and Mumbai, is excited to introduce a revolutionary new technology that ensures price transparency, cost savings, and real-time access for jewelry retailers across the globe through a patented reverse auction system. Previously only available to diamond wholesalers, this expansion was made possible by an outpouring of support from diamond industry veterans as well as certain members of the New York Angels, raising over Rs. 9 crores ($1.1M). Varun Alagh of Mamaearth, Aakrit Vaish of Haptik and Miten Sampat of CRED also participated in this round.
The investors believe the jewelry industry has been left behind compared to other sectors such as auto, finance, and pharmaceuticals. Their goal is to propel it into the modern age, attracting substantial financial capital into the trade.
Donna Redel, a member of New York Angels, as well as an early investor and mentor to Liquid Diamonds, now serves as a member of the company’s board of directors. She shared that she “is optimistic about the future of the diamond industry, as modern technology is slowly being accepted by a dated industry that is not currently data rich.” She continued that the “application of technology and access to data can benefit every part of the value chain. Liquid Diamonds is at the forefront of this revolution and will continue to establish itself as a great asset to the jewelry industry at large.”
Liquid Diamonds is helping diamond cutting and polishing companies, based in Surat and Mumbai access global wholesale markets of diamonds and jewelry. Liquid Diamonds has already facilitated the export of over Rs. 400 crores ($50M) in diamonds from India to the United States, showcasing the power of the platform.
Powered by a patented universal continuous double auction technology, the platform ensures diamond buyers get the best price by putting suppliers into open competition with each other. On the supply side, they offer a SaaS-based Pricing Co-Pilot that helps diamond suppliers price their diamonds competitively using artificial intelligence (AI) and machine learning.
Founders of Liquid Diamonds, Kashyap Mehta, Mark Molloy and Chetan Gupta, combine their deep family connections in the diamond industry with their technology backgrounds to revolutionize the industry. With the cross-border nature of the business, they have product development and ops teams based in the Bharat Diamond Bourse in Mumbai while sales, delivery and customer service functions are based in the Diamond District in New York.
“Our vision is to democratize the diamond market, allowing buyers to receive fair market value regardless of whether they are buying 5 or 500 diamonds,” said Kashyap Mehta, CEO of Liquid Diamonds. “This enhanced focus on retailers is an exciting advancement for the whole industry, and we are happy to report an increase in both time spent on the platform and a strong buyer ROI. By opening new opportunities and providing price transparency, we believe this will revolutionize the way the jewelry market conducts business.”
Those interested in utilizing this new service can do so by registering on www.liquid.diamonds and completing the KYC process to access the platform.
The post Liquid Diamonds Poised for Major Growth After Raising Rs. 9 Crores in Funding appeared first on HIPTHER Alerts.

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EU’s new AI rules: Industry opposed to revealing guarded trade secrets

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New regulations in the European Union (EU) are set to compel companies to increase transparency regarding the data they use to train artificial intelligence (AI) systems, potentially unveiling closely guarded industry practices, reports the Times of India.
Since OpenAI, supported by Microsoft, introduced ChatGPT to the public 18 months ago, there has been a surge in public interest and investment in generative AI. This technology enables rapid generation of text, images, and audio content.
As the AI industry expands, concerns have emerged regarding how companies source data for training their models, particularly whether using content from popular books and movies without creators’ consent constitutes a breach of copyright.
The EU’s new AI Act, phased in over the next two years, mandates stricter regulations while allowing time for businesses to adjust to new requirements. Nevertheless, the practical implementation of these rules remains uncertain, notes the report.
Mandating “detailed summaries”
A contentious provision of the AI Act requires organizations deploying general-purpose AI models like ChatGPT to provide “detailed summaries” of the training data. The newly established AI Office plans to release a template for these summaries by early 2025 after consulting stakeholders. However, AI companies oppose disclosing their training data, arguing it as a trade secret that could unfairly benefit competitors if made public, the report reveals.
In the past year, major tech firms including Google, OpenAI, and Stability AI have faced lawsuits alleging unauthorized use of content for AI training. Despite US President Joe Biden’s executive orders addressing AI security risks, legal challenges regarding copyright remain largely untested, the report adds.
Backlash against OpenAI
Amid heightened scrutiny, tech companies have struck content-licensing deals with media outlets and websites. OpenAI, for instance, has partnered with the Financial Times and The Atlantic, while Google has collaborated with NewsCorp and Reddit.
Despite these efforts, OpenAI drew criticism in March when Chief Technology Officer Mira Murati declined to confirm whether YouTube videos were used to train its video-generating tool, Sora, citing potential violations of company terms and conditions.
Source: business-standard.com
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Picsart teams up with Getty to take on Adobe’s ‘commercially-safe’ AI

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Picsart and Getty Images are joining forces to develop an AI image generator exclusively trained on Getty’s licensed stock content.
According to Picsart, their AI lab is constructing a bespoke model from the ground up to power this tool. It aims to provide the platform’s paying subscribers with the ability to generate images that come with full commercial rights. This initiative seeks to address persistent concerns about potential copyright violations associated with AI-generated content. The Picsart / Getty Images generator is slated for launch later this year and will be accessible through Picsart’s API services.
This collaboration bears similarities to Adobe’s Firefly AI model, initially introduced as a prompt-based image generation tool within Photoshop last year. Adobe has since expanded its integration across various Creative Cloud applications. Adobe’s model also emphasizes commercial safety by training on stock images from Adobe’s own library, along with openly licensed or out-of-copyright content. However, questions remain about the integrity of the training data and user trust in Adobe’s approach.
Getty Images has previously ventured into commercially-focused AI products through partnerships with Bria AI and Runway, and by teaming up with Nvidia to introduce “Generative AI by Getty Images,” leveraging its extensive catalog of licensed images. Adobe’s widespread integration of the Firefly model into popular applications like Photoshop, Illustrator, Lightroom, and Express may pose a challenge for Picsart’s new offering in terms of attracting creatives away from Adobe’s established ecosystem.
Source: theverge.com
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Microsoft to delay release of Recall AI feature on security concerns

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On June 13, Microsoft announced that it will postpone the rollout of its AI-powered feature “Recall” with new computers next week due to privacy concerns. Instead, the tech giant plans to offer Recall for preview to a smaller group later, following feedback and additional testing.
Recall is designed to track various activities from web browsing to voice chats, compiling a searchable history stored on the user’s computer. This allows users to easily retrieve past actions, even months later.
Originally slated for broad availability on June 18 for Copilot+ PC users, Recall will now undergo a preview phase exclusively within Microsoft’s Windows Insider Program (WIP) in the coming weeks. This decision, as stated in a blog post by the Redmond, Washington-based company, underscores their commitment to ensuring a trusted, secure, and reliable experience for all customers.
Copilot+ PCs, introduced in May, feature advanced AI capabilities aimed at enhancing user interactions and productivity. The WIP, a platform for software testing, enables enthusiasts to preview upcoming Windows operating system features.
Microsoft intends to incorporate feedback from the WIP community before extending the Recall preview to all Copilot+ PC users in the near future.
Following the feature’s announcement, concerns over privacy were swiftly voiced on social media, with some users fearing potential surveillance implications. Elon Musk, prominent technologist and billionaire, likened Recall to a scenario from the dystopian series “Black Mirror,” highlighting societal apprehensions about the impact of advanced technologies.
Source: reuters.com

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