Suki, a healthcare startup is developing AI-powered voice assistants, has raised $70 million in a Series D funding round led by London-based Hedosophia, with participation from Venrock and March Capital. The latest funding brings Suki’s total to $165 million and reportedly values the company at around $500 million. The Redwood City-based startup aims to reduce the administrative burden on healthcare providers with AI tools that streamline tasks like clinical documentation.
Founded in 2017 by former Google and Flipkart executive Punit Soni, Suki has seen growing demand for its products, particularly its Suki Assistant and Suki Platform, as more healthcare systems adopt generative AI technology. The startup now partners with over 300 health systems, including St. Mary’s Healthcare in New York, and integrates with major Electronic Health Record (EHR) systems such as Epic and Oracle’s Cerner.
Suki plans to use the new funding to further develop its AI assistant, adding new features and tools to manage multiple AI models. Competing in the same space as Microsoft’s Nuance and other startups like Abridge, Suki continues to expand its footprint in the AI healthcare market.
TikTok, owned by ByteDance, is cutting hundreds of jobs globally as it pivots towards greater use of AI in content moderation. Among the hardest hit is Malaysia, where fewer than 500 employees were affected, mostly involved in moderation roles. The layoffs come as TikTok seeks to improve the efficiency of its moderation system, relying more heavily on automated detection technologies.
The firm’s spokesperson explained that the move is part of a broader plan to optimise its global content moderation model, aiming for more streamlined operations. TikTok has announced plans to invest $2 billion in global trust and safety measures, with 80% of harmful content already being removed by AI.
The layoffs in Malaysia follow increased regulatory pressure on technology companies operating in the region. Malaysia’s government recently urged social media platforms, including TikTok, to enhance their monitoring systems and apply for operating licences to combat rising cybercrime.
ByteDance, which employs over 110,000 people worldwide, is expected to continue restructuring next month as it consolidates some of its regional operations. These changes highlight the company’s ongoing shift towards automation in its content management strategy.
Advanced Micro Devices (AMD) is set to begin mass production of its latest AI chip, the MI325X, by the end of 2024. This move aims to boost AMD’s competitive position in a market largely dominated by Nvidia. The MI325X will be available in early 2025, designed to enhance AI processing speeds with new memory technology. AMD also plans to release a next-generation MI350 series in 2025 with an improved architecture and more memory for even greater performance.
Despite these announcements, AMD’s shares fell nearly 5%, as analysts were expecting new major cloud-computing clients to be revealed. AMD continues to face stiff competition from Nvidia, whose shares rose while Intel’s dipped amid the AI race. In addition to the new AI chips, AMD introduced server and PC processors based on its Zen 5 architecture, boasting faster speeds and optimised AI capabilities.
AMD’s CEO Lisa Su noted that the company would continue using Taiwan’s TSMC for manufacturing, and while no new clients were announced, demand for AI chips remains high. With an increased forecast for AI chip revenue, AMD is gearing up to meet surging market demand driven by generative AI.
Numeric, an AI-driven accounting software company co-founded by Parker Gilbert in 2020, is gaining traction for automating the tedious and error-prone process of month-end and quarter-end financial closings. Frustrated with manual accounting work at a startup, Gilbert developed the software to streamline and accelerate the process by using AI to analyse and reconcile data from various accounting systems. Companies like Brex, OpenAI, and Plaid now rely on Numeric for their accounting needs.
In the past year, Numeric’s revenue has grown fourfold, reaching single-digit millions. This growth has attracted significant investor attention, leading to a $28 million Series A funding round led by Menlo Ventures, just five months after raising $10 million in seed funding. The round also saw participation from new investors like IVP and Socii, alongside previous backers such as Founders Fund and Long Journey.
Numeric’s software uses AI to perform flux analysis, identifying changes in financial line items and explaining discrepancies, which saves accountants time and improves accuracy. Although AI currently supports analysis and commentary rather than final calculations, Gilbert expects future versions of the software to expand these capabilities. Menlo Ventures’ Croom Beatty, who led the Series A round, highlighted Numeric’s ability to address complex accounting workflows, setting it apart in a market dominated by established players like BlackLine and FloQast.
A person recently claimed to have used an AI tool called AI Hawk to apply for 2,843 jobs, sparking discussions about the increasing role of automation in the hiring process. The tool automatically generated résumés, wrote custom cover letters, and completed job applications within hours, removing much of the human effort typically required.
AI Hawk is just one example of a growing number of tools designed to help users apply for jobs en masse. This trend highlights a new phenomenon where AI is both filling out applications and, in many cases, reviewing them. In fact, a 2023 survey revealed that 42% of companies use AI to screen and even interview candidates, creating a feedback loop where human involvement is increasingly sidelined. The impact on traditional job seekers who manually apply for positions is still unclear. However, the rise of AI in recruitment could reshape how people search for jobs and how employers identify candidates.
OpenAI reports cybercriminals are increasingly using its AI models to generate fake content aimed at influencing elections. The startup has neutralised over 20 attempts this year, including accounts producing articles on the US elections. Several accounts from Rwanda were banned in July for similar activities related to elections in that country.
The company confirmed that none of these attempts succeeded in generating viral engagement or reaching sustainable audiences. However, the use of AI in election interference remains a growing concern, especially as the US approaches its presidential elections. The US Department of Homeland Security also warns of foreign nations attempting to spread misinformation using AI tools.
As OpenAI strengthens its global position, the rise in election manipulation efforts underscores the critical need for heightened vigilance. The company recently completed a $6.6 billion funding round, further securing its status as one of the most valuable private firms.
ChatGPT continues to see rapid growth, boasting 250 million weekly active users since launching in November 2022, emphasising the platform’s widespread influence.
Singtel has introduced RE:AI, a cloud service that makes AI more accessible, scalable, and affordable. Leveraging the company’s 5G MEC orchestration platform, it simplifies AI deployment, management, and scalability for enterprises and the public sector. The service is designed to reduce costs and complexity, further enabling widespread AI adoption.
At the launch event, the Deputy Prime Minister of Singapore, Gan Kim Yong, highlighted AI’s potential to drive future economic growth. Singtel also signed five key partnerships to support the advancement of AI across research, manufacturing, and tech development. These collaborations provide vital access to advanced GPU technology and training for the workforce.
RE:AI seeks to empower startups, global companies, and research institutions, fostering an innovative AI ecosystem. Singtel’s partnerships with companies such as AlphaSense and Hive will help deliver AI-driven solutions, addressing challenges such as deepfake detection and virtual healthcare.
Singtel is also investing in AI education through initiatives like the AI Acceleration Academy, aimed at training over 10,000 individuals. The company’s efforts align with Singapore’s National AI Strategy 2.0, which includes a significant government investment in AI over the next five years.
The rise of AI and digitalisation could displace up to 600,000 workers in Malaysia over the next five years, according to the Ministry of Human Resources. A report by Talentcorp, set for release in November, highlights how ten key industries will be most affected, including information technology, food manufacturing, and aerospace.
However, the government assures that many of these displaced workers will transition into new roles, as around 60 new types of jobs are expected to emerge. Workers in high-risk sectors will receive targeted support to upskill or reskill, making it easier for them to adapt to the changing job market. The report’s purpose is to prevent negative reactions and help industries prepare.
The report is part of a broader initiative to keep the workforce informed about the changing landscape. The government is launching a dedicated website to provide detailed information on the jobs most affected by AI, digitalisation, and green technology, as well as opportunities for training.
Steven Sim, the Human Resources Minister, has expressed optimism about the future, urging workers and industries to stay positive and proactive. The government’s ongoing studies will continue to assess other sectors in the coming years, ensuring workforce in Malaysia remains resilient in the face of technological change.
Stripe has announced a new collaboration with Nvidia to enhance its AI offerings and improve fraud detection. The deeper partnership will see Stripe integrating Nvidia’s advanced AI technology, enabling global developers and enterprises to access GPUs and AI software through Stripe’s payment platform.
This collaboration highlights Stripe’s focus on leveraging Nvidia’s capabilities to support AI products. Stripe has introduced new features, including usage-based billing and enhanced global payment methods, to accommodate AI products that are international from the start.
Patrick Collison, Stripe’s co-founder, praised Nvidia’s role in advancing AI technology, while Nvidia’s CEO, Jensen Huang, recognised Stripe’s leadership in enabling businesses to use AI to fuel growth. The partnership comes as Stripe continues to integrate AI into services like Stripe Radar, which recently received AI-driven upgrades to boost fraud prevention.
Stripe, valued at $70bn as of July, has consistently relied on Nvidia’s computing platform to train its machine learning models. This expanded partnership is expected to drive further growth and innovation in AI technology.
Infosys and Microsoft are expanding their collaboration to drive the global adoption of generative AI and Microsoft Azure. The partnership is set to enhance customer experiences and increase the value of their technology investments across various industries such as finance, healthcare, and telecommunications.
Infosys, an early adopter of GitHub Copilot, currently has over 18,000 developers who have generated more than seven million lines of code through the tool. The company has also launched a GitHub Centre of Excellence to support AI and Cloud solutions like Infosys Topaz, Cobalt, and Aster, aimed at transforming business operations globally.
Customers will have access to a variety of solutions through Azure Marketplace, allowing them to benefit from their Microsoft Azure Consumption Commitment (MACC). Microsoft’s Chief Partner Officer, Nicole Dezen, highlighted the potential of this collaboration to drive AI innovation and improve employee and customer experiences.
The growth of AI developer productivity could potentially add over $1.5 trillion to the global GDP by 2030, with GitHub Copilot playing a key role in boosting efficiency. More than one million developers and 20,000 organisations have adopted GitHub Copilot to date.
