YouTube is working on generative AI tools that will assist in content creation, according to new CEO Neal Mohan. In his first letter to the YouTube community, Mohan said AI could assist creators by expanding their storytelling and increasing their production values. More: - For example, creators could try "virtually swapping outfits or "creating a fantastical film setting through AI's generative capabilities," Mohan wrote.
- "The power of AI is just beginning to emerge in ways that will reinvent video and make the seemingly impossible possible," he added.
- Mohan noted that YouTube, which is owned by Google, intends to take its time developing generative AI "with thoughtful guardrails" as well as "protections to embrace this technology responsibly."
- YouTube plans to reveal the tools in the coming months, according to the CEO.
- Mohan's announcement comes several weeks after Google announced Bard, its experimental chatbot and conversational AI service that's powered by its Language Model for Dialogue Applications (LaMDA).
BLOOMBERG 
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Bank of America analysts forecasted that the worldwide AI market could be worth $900B by 2026. In a note sent to clients this week, the strategists said AI is on the verge of having an "iPhone moment" as large language models like ChatGPT allow people "to fully capitalize on the data revolution." More: - The analysts also wrote that if data is considered the "new oil," then AI technology "is the new electricity."
- The technology is developing at an exponential rate, they noted, citing ChatGPT's growth to 1 million users in only five days and an adoption rate that is "3x TikTok's and 10x Instagram's."
- The strategists said now is a "defining moment" for AI as it moves toward mass adoption, comparing the time period to "the internet in the '90s."
- They shared four reasons AI will have a great impact: mass adoption, "warp-speed" development, data democratization, and an abundance of commercial uses.
- Ultimately, BofA believes AI's ability to utilize data could boost the global economy to as much as $15.7T by 2030.
Related: - In a separate report to clients yesterday, BofA listed 15 stocks it believes will benefit from the AI revolution.
- These included Alphabet, Microsoft, Nvidia, Meta, Apple, Baidu, Adobe, and Palantir Technologies.
MARKETS INSIDER
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Bridgewater Associates announced a restructuring that will see the hedge fund dedicate more money and talent toward AI and machine learning. The world's largest hedge fund manager said it would undergo a reorganization over the next two weeks that will eliminate about 100 jobs in its 1,300-person workforce. More: - The Ray Dalio-founded fund is "going on offense" that will see it expand its footprint in Asia and develop and invest in AI technologies.
- Pursuing this path requires Bridgewater to "cut costs, free up resources, and restructure," according to the firm.
- CEO Nir Bar Dea, who took over after Dalio retired last fall, wants to boost profitability and returns by doubling down on AI and other new priorities.
- One of the priorities will be the formation of a team led by co-CIO Greg Jensen focused on engineering AI-powered investment tools.
REUTERS
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Nexus Venture Partners announced the closure of its largest-ever fund, the $700M Nexus Ventures VII. The venture-capital firm plans to invest in artificial intelligence, SaaS, fintech, and commerce companies in India and the U.S. More: - After the pandemic sped up digital adoption globally, Nexus Venture said there has not been a "better time for technology innovation."
- The firm noted that "recent breakthroughs in AI" are helping technologies disrupt each sector at a faster pace than ever.
- Meanwhile, India is emerging as a talent and innovation hub for companies innovating in AI and software, it said.
Zoom out: - Nexus has invested in nearly 200 startups in the U.S. and India. These include the unicorns Delhivery and Zomato as well as smaller startups like Unacademyand Postman.
- Its $700M Nexus Ventures VII is the second biggest fund by an Indian venture-capital firm, after Sequoia Capital India's $2.85B India and Southeast Asia fund that closed last year.
MINT
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SESAMm, a natural language processing (NLP) company that performs due diligence for investment firms, announced a €35M ($37M) Series B2 funding round. The startup's platform analyzes documents to detect issues in investments, clients, and suppliers, as well as perform sentiment analysis on assets and more More: - The natural language analytics data provider serves private equity firms, hedge funds, corporations, and more.
- SESAMm leverages its own data lake to provide NLP capabilities and datasets that produce analytics for its clients' use cases, such as private equity due diligence and ESG and SDG sentiment scores.
- The firm's Series B extension was led by Elaia and Opera Tech Ventures, with participation from Unigestion, Elevator Ventures, AFG Partners, CEGEE Capital, Carlyle, and New Alpha Asset Management.
- The Paris-based startup has raised €50M ($53.4M) to date.
TECHCRUNCH
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🍋 MORE FRESH FUNDING 🍋 - CodaMetrix (Massachusetts), an AI platform focused on innovating healthcare revenue cycle management: $55M A led by SignalFire with participation from Frist Cressey Ventures, Martin Ventures, Yale Medicine, University of Colorado Healthcare Innovation Fund, and Mass General Brigham physician organizations.
- Autobound (California), a startup that uses AI to write sales emails: $4M Growth led by Dundee VC with participation from AIX Ventures, the USC Marshall Venture Fund, and angel investors.
- Inarix (Paris), AI crop analysis platform: $3.2M in a seed funding round led by Ankaa ventures, Label Investment, Newfund, Alliance for impact, Resiliance, etc.
- NeoSwap AI (Virginia), an NFT trading platform that uses AI-generated algorithms to maximize profit: $2M Pre-Seed led by Digital Asset Capital Management and AngelHub, with participation from Gossamer Capital, Cavalry Asset Management, Stacks Ventures, Dhuna Ventures, and angel investors.
- Humanising Autonomy (London), an AI company that analyzes human behavior. Undisclosed funding round led by Silicon Valley Bank.
For the latest on AI startup funding and more in the VC community, subscribe to our Inside Venture Capital newsletter.
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 |  | Beth is a writer and editor at Inside.com covering artificial intelligence and daily technology news. She has written the Inside AI newsletter since 2019. You can reach her at Beth.Duckett@inside.com. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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