Welcome to our newly designed Remagine Ventures newsletter, where we provide monthly insights and analysis on our portfolio companies, investment trends, and venture capital news in our sectors. In this edition, we take a look at the rising trend of Generative AI, and the impact it can make on content creation and task automation.
Eze, Kevin, Amit and Micky
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What Generative AI means for the future of content
'Generative AI' is described as "unsupervised and semi-supervised machine learning algorithms that enable computers to use existing content like text, audio and video files, images, and even code to create new possible content".
In the last few months we've seen a number of advancements in text to image generators, enabling users to create art from text prompts: Open AI's Dall-e 2, Midjourney and Stability, an open source solution. While the technology showed promise and created a sense of 'magic' for users, it was more 'playful' rather than 'useful'. GPT-3, the Large Language Model (LLM) for generative text, has been in development for years, but was not made available for public use.
That changed last week with the launch of ChatGPT, a new generative AI tool released by Open AI, enabling users to 'converse' with AI using natural language. Users can write a text prompt or a question and receive email drafts, college level essays and long form blog posts. ChatGTP can also tell jokes, write poetry and even code. With the hype at its peak, ChatGPT is even being talked about as a possible replacement for Google search. Why sift through links if I can get the answer crafted?
While it shows real potential, ChatGPT has a number of limitations. It can struggle with simple math, deliver factually wrong answers very convincingly and in some cases can be exploited for malicious intent, like finding vulnerabilities in smart contracts. ChatGPT's answers are based on scraped Internet data (up to 2021), which means it's not yet 'connected to the live Internet' and can't help in certain use cases. It's also difficult for startups operating in this space to create real defensibility as most are built on the same core APIs. And finally, there are open questions about the use of training data (for text or art) without referencing and credit to the source. OpenAI's Sam Altman said it's working to fix these issues.
Nevertheless, at Remagine Ventures we believe that in the long run Generative AI tools will exist for every role in the company (coding, marketing, recruiting, sales, finance, etc) and ultimately every vertical, from Saas to gaming. They won't replace humans, at least not right away. In the same way we use Grammarly to write better emails, we'll have a set of tools to help us with task automations at work.
We already invested in two startups in the space. HourOne, the text to video company based on real human characters (in 2019), and our latest investment, Munch which uses AI to automatically create highlight clips and video overlays (Oct 2022). In addition, several of our companies are exploring how they may leverage Generative AI to improve their user experience.
We're excited about the pace of innovation in this space and what it means for the future of content creation in gaming, entertainment, populating the Metaverse with 3D content and more. We plan to continue writing, learning about and investing in this new era of 'Creative Automation'.
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News from the
Remagine Ventures
portfolio
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Our companies are shaping the future of gaming, metaverse and consumer tech. You're welcome to visit the Remagine Ventures portfolio page for the list of our disclosed investments.
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The world cup is in full swing and Minute Media, the UGC platform for sports fans and players, is in the spotlight.
Fabio Sa, SVP US Soccer at Minute Media published a piece in Advertising Week on their SSP offering for advertisers. More on the SSP on BidSwitch. 90Min launched their 2022 World Cup Content Hub from the point of view of the fans and the Players Tribune focuses on the voice of the players. |
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Echo3D, the 3D asset management platform for developers, was interviewed by Calcaslist on the future of the Metaverse and shared that in the past year "echo3D has grown “exponentially” in terms of team size, client base, and capital that is coming in".
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Zoog, a video app to create shared family experiences for reading, learning and playing was featured in Snap's "Lens Fest". Zoog uses Augmented Reality to make learning and communications engaging and fun.
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What we've been
writing and publishing
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Sign up to the #Firgun newsletter
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We publish a newsletter every Friday, shining a spotlight on the movers and shakers in Israeli tech and venture. Join over 2,700 subscribers and learn more on the concept of "Firgun" and why it matters on VC Cafe.
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Israel's funds bring in more funds as European hubs struggle
Pitchbook
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Gaming, Metaverse and web3:
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Together with Taylor Wessing, we published the first map of the UK startups building the Metaverse: from consumer experiences to infrastructure. We mapped over 89 startups that collectively raised over £2 billion. Download a high res copy here, where you can also find all the videos from our event.
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We asked ChatGPT to write a song about the impact of generative AI on the future of gaming and the Metaverse in the style of the Beatles... 🤯
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Looking for a new challenge?
Our portfolio companies are hiring!
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