Generative artificial intelligence, which grabbed global attention with the launch of ChatGPT, is being heralded as the greatest technological shift since the invention of the smartphone.
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.And Australia, investors say, is match fit and ready to capitalise on what could be the defining technological innovation of the 2020s.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.
Investors said generative AI stood out as the hottest field in tech, amid a backdrop of falling technology valuations in public and private markets, and large venture capital funding rounds all but drying up. In the last year, PitchBook data revealed upwards of $US1.37 billion had been invested into generative AI start-ups across 78 deals, with major rounds being completed by the likes of US companies Jasper and Stability AI.
Now it is a very different story. This positions Australia well to be part of this new wave. “If you look at what’s happened in the last 12 years, it’s extraordinary,” he said. “But the feeling among investors is that the capability is running ahead of the applications. If anything, there has been a relative overinvestment in the science and research.”Locally, VCs suggest there are still only a handful of businesses playing in the generative AI space.
“This happens with every buzzword in every hype cycle. That said, the demonstrations via applications like ChatGPT and DALL.E feel like a genuine technology breakthrough.”Some local investors have already been looking further afield to find investment opportunities in this space.
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