Data management firm Databricks has agreed to purchase generative AI company MosaicML in a deal valued at $1.3 billion. The three-year-old generative AI startup has developed a platform it says makes it “fast, cost-effective, and easy” for companies to train LLMs and deploy tools to use them. MosaicML has privately raised roughly $64 million to date. Its last valuation was $222 million in January, which means it was purchased for a healthy 6x multiple in a move that appears to prime Databricks for what one brokerage calls an “inevitable” IPO. Continue reading Databricks Acquiring OpenAI Competitor MosaicML for $1.3B

Android creator Andy Rubin’s startup, Essential Products, born out of his incubator Playground Global, may be on the sales block. The startup, which raised about $300 million from Amazon, Tencent Holdings, Redpoint Ventures and Hon Hai Precision Industry (Foxconn), ceased development of a new smartphone, say sources, and hired Credit Suisse Group to advise on its sale. Reportedly, Essence has already piqued the interest of one potential buyer. The original Essential smartphone, manufactured by Foxconn, debuted last August. Continue reading Essential Kills Next Smarthone and Is Reportedly Up for Sale

To help AI and machine learning startups succeed, Google introduced a Developers Launchpad Studio, a six-month program that will gift participants with $50,000 in financial support without a quid pro quo for Google equity. Benefits also include product credits for Google Cloud and other services, product validation assistance and introductions to AI investors. The program will also make Google director of research Peter Norvig and Israel-based Google R&D Research Center head Yossi Matias available for feedback and advice. Continue reading Google Debuts Developers Launchpad Studio for AI Startups

Android operating system co-creator Andy Rubin has introduced his Essential Phone that he says can be dropped onto concrete without breaking. The new smartphone, which will run on Android software, has magnetic connectors for a 360-degree camera or charger. Priced at $699 and available only in the U.S., Essential Phone will come without preinstalled apps or a need for yearly updates. Rubin also unveiled Essential Home, a voice-activated device that controls appliances. Both products are part of Rubin’s Playground Global incubator. Continue reading Andy Rubin’s Company Unveils New Phone, Digital Assistant

Since leaving Google two years ago, Android operating system creator Andy Rubin has integrated his expertise in software with artificial intelligence to create consumer-facing Essential. The company, which was first registered in California in November 2015, has 40 employees, many from Apple and Google. Essential is first building an upscale smartphone whose large screen has no surrounding bezel. “Tablets, accessories and computer operating software for mobile phones” are also potential future products. Continue reading Android Creator Andy Rubin to Launch Smartphone This Year