Tech is firmly in its generative AI era. “The generative AI frenzy shows no signs of abating,” says Frances Karamouzis, distinguished VP analyst at IT research firm and consultancy Gartner.
“Organisations are scrambling to determine how much cash to pour into generative AI solutions, which products are worth the investment, when to get started and how to mitigate the risks that come with this emerging technology.”
While many people already use or benefit from AI on a daily basis – from assistive speakers to maps and even autocorrect – it has been the introduction of open-source foundational models that have made the technology widely accessible for the first time.
As a result, end users are getting on board in their tens of millions. ChatGPT has hit the public consciousness like a juggernaut, experiencing the fastest growth in history for a consumer application. It took the platform just two months to reach over 100 million users.
Compare that to TikTok, which took about nine months post-launch to hit the same benchmark, with Instagram taking even longer at around two and a half years. Google Translate took six and a half years to reach that milestone.
And people aren’t just finding out about it; they are also using generative AI technologies such as ChatGPT, as well as other associated tools like the image generators DALL-E and Midjourney.
ChatGPT has a simple interface that makes using it easy. Ask it a question and it’ll come back with what’s often a fairly sophisticated answer. It can generate Python code, it can write you a cover letter for a job application or create a detailed travel itinerary – and a lot more.
Growth sectors
A recent Pitchbook report identified several key areas that are ripe for opportunity. These include supply chain technology, web3, insurtech, healthcare IT, climate tech and more.
It’s not surprising then, that AI startups are attracting significant cash, even in the current “funding winter” environment. Another recent PitchBook report found that VCs have increased funding in generative AI from $408m in 2018 to $4.5bn in 2022.
Angel and seed deals have grown to 107 deals and $358.3m invested in 2022 – compared to 41 deals garnering $102.8m in 2018.
Ones to watch
In the UK, AI is a fast-growing sector with the number of AI companies increasing by 688% over the last 10 years. In general, businesses in the sector are in the early stages, with more than half of the 1,684 active high-growth AI companies in the UK at the seed stage.
So which are the companies to watch out for?
In healthcare, Charm Therapeutics develops transformational medicines through 3D deep learning and cutting-edge drug discovery technologies.
Fintech company Super Payments powers free payments for businesses, and provides more rewarding shopping for its members.
In the insurtech space, Send Technology Solutions is developing AI-based software to help businesses to manage and automate insurance processes, including underwriting and pricing capabilities.
Data company Optalitix provides predictive analytics and decision optimisation software solutions across models and quotes, to speed up processes and reduce costs.
In supply chain management, Solvo.ai is one to watch. An AI-powered supply chain optimisation platform, if offers demand forecasting, inventory optimisation, and transportation management.
AI roles hiring now
If you’re in the market for a new role in AI, then the UKTN Job Board is an essential first stop. It contains thousands of jobs all across the tech sector, such as the three below.
At Darktrace, a global leader in cybersecurity AI, a range of jobs are on offer, including an information security analyst role in London. You’ll support and operate the day-to-day activities of the information security team, ensuring security initiatives, controls and governance processes are implemented and remain adequate over time.
At Microsoft, its Applied Sciences Group incubates disruptive technologies for next-gen hardware products and is working on several exciting projects that will shape how computers and other devices perceive the user and the user’s environment. The team is growing and it’s seeking a senior ML software engineer. You’ll integrate LLMs and other large models to run on devices and maintain and track model performance, mapping novel networks to dedicated silicon.
Zilch is looking for a senior ML ops engineer in London. You’ll design the data pipelines and engineering infrastructure to support enterprise machine learning systems at scale, and work with data scientists to take offline models and turn them into a real machine learning production system.
For many more jobs in AI, ML and computer vision visit the UKTN Job Board today
This article is part of a paid partnership with careers marketplace Jobbio to share the most exciting UK tech jobs with UKTN readers.
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