The Seattle-based startup, founded by Kyle and David Corbitt has recently managed to raise $6.7 million which would aid the businesses in the reduction of costs when deploying large language models (LLMs). The funds allow for the generation of advanced algorithms and explores the capacity of machine learning enhancing language comprehension. The objective is to make large language models available and inexpensive for businesses paving the way for widespread adoption. The funding surfaces in a period where AI and machine learning are gaining significant traction in terms of interest.
In a substantial accelerator program that took place last year, the brothers suggested an inventive business model. They encouraged developers to craft dedicated LLMs, a departure from the generalized, multi-purpose models conventionally used across the industry. This novel approach was hailed for its high potential to permit the software engineers to tailor the algorithms to meet specific applications.
The brothers argue that businesses might not require a chatbot for answering a multitude of questions. As an alternative, they propose a system with a deep understanding of company’s product catalog and policies, proving beneficial especially in customer service contexts.
Seattle startup’s affordable AI language models
The system can decrease the operational costs and enhance the efficiency and accuracy of addressing customer queries.
An example of the effectiveness of their approach was demonstrated when a financial firm decided to transition from OpenAI service to the Corbitt brothers’ service experiencing decrease in operational expenses and reduction in inaccuracies. The service facilitated in-depth analysis extracting indispensable data such as credit card balances.
The CEO confirmed that clients can expect a significant reduction in costs in comparing with services provided by OpenAI. Despite being a relatively young startup, of one year, it has seen significant growth. The team is dedicated to continuous improvement and values the personalized relations with its customers. The growth of the user base is attributed to not only the pricing strategies but also the quality of service.
Their monetization strategy includes charging for the refinement of customer models and application of these in a live operational setting. They acknowledge the costs involved in training, updating and implementing these models. But they believe in the consequential exponential ROI. They are confident that the businesses will see value in their service with increased efficiency and successful customer interactions.
The seed fundraising round was led by early-stage firm Costanoa Ventures, with contributions from their former startup accelerator and independent supporters. Following this fundraising, it was revealed that apart from the former startup accelerator the contributors included Logan Kilpatrick, former head of developer relations at OpenAI, Alex Graveley, the innovator behind GitHub Copilot, and Tom Preston-Werner who is one of the founders of GitHub.
