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The Star
3 days ago
- Business
- The Star
Cornelis Networks releases tech to speed up AI datacenter connections
FILE PHOTO: An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo SAN FRANCISCO (Reuters) -Cornelis Networks on Tuesday released a suite of networking hardware and software aimed at linking together up to half a million artificial intelligence chips. Cornelis, which was spun out of Intel in 2020 and is still backed by the chipmaker's venture capital fund, is targeting a problem that has bedeviledAI datacenters for much of the past decade: AI computing chips are very fast, but when many of those chips are strung together to work on big computing problems, the network links between the chips are not fast enough to keep the chips supplied with data. Nvidia took aim at that problem with its $6.9 billion purchase in 2020 of networking chip firm Mellanox, which made networking gear with a network protocol called InfiniBand, which was created in the 1990s specifically for supercomputers. Networking chip giants such as Broadcom and Cisco Systems are working to solve the same set of technical issues with Ethernet technology, which has connected most of the internet since the 1980s and is an open technology standard. The Cornelis "CN5000" networking chips usea new network technology created by Cornelis called OmniPath. The chips will ship to initial customers such as the U.S. Department of Energy in the third quarter of this year, Cornelis CEO Lisa Spelman told Reuters on May 30. Although Cornelis has backing from Intel, its chips are designed to work with AI computing chips from Nvidia, Advanced Micro Devices or any other maker using open-source software, Spelman said. She said that the next version of Cornelis chips in 2026 will also be compatible with Ethernet networks, aiming to alleviate any customer concerns that buying Cornelis chips would leave a data center locked into its technology. "There's 45-year-old architecture and a 25-year-old architecture working to solve these problems," Spelman said. "We like to offer a new way and a new path for customers that delivers you both the (computing chip) performance and excellent economic performance as well." (Reporting by Stephen Nellis in San Francisco; Editing by Leslie Adler)
The Star
29-05-2025
- Business
- The Star
Exclusive-Grammarly secures $1 billion from General Catalyst to build AI productivity platform
An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Grammarly has raised $1 billion in non-dilutive financing from General Catalyst to expand its artificial intelligence (AI) offerings, aiming to grow into a comprehensive productivity platform, the companies told Reuters. Grammarly, known for its popular writing assistant tool, plans to use the capital to fund sales and marketing costs and strategic acquisitions. It looks to use AI to build more communication-based productivity tools and even hosts third-party tools on its platform by leveraging access to its 40 million daily users. The investment, one of the biggest out of General Catalyst's Customer Value Fund (CVF), could help late-stage tech companies like Grammarly accelerate growth by using dedicated capital to acquire new customers. By reallocating funds typically tied up in sales and marketing, Grammarly can invest more in product development. In return, General Catalyst doesn't receive an equity stake in Grammarly, but will get a capped return linked to revenue generated through using this capital. This is structured as a percentage of the revenue generated from the fund being used in customer acquisition. Founded in 2005, Grammarly has an annual revenue exceeding $700 million and is profitable. In December, Grammarly appointed Shishir Mehrotra, previously CEO of the acquired productivity platform Coda, as its new leader, signaling a push into broader AI-powered workplace tools. "As Grammarly is going through a huge transformation of going from being a what is mostly known as a single-purpose agent to being an agent platform, it just felt very important for us to be able to bet big in our product development and in M&A as well as in our growth strategies," Mehrotra said in an interview. He added said the company has an eventual goal to go public, although no imminent plans. "I'm right now just focused on making sure we're innovating with new products, growing as fast as we can. But when we feel ready, we'll go public," Mehrotra added. The dedicated growth investment, if it pays off, could also benefit the valuation of Grammarly and General Catalyst's stake in the company, as it has also been an equity investor in Grammarly's series B funding in 2017. San Francisco-based Grammarly has raised over $550 million in venture capital, according to PitchBook. It was last valued at $13 billion in 2021. General Catalyst's Customer Value Fund operates by drawing capital from the firm's main investment fund, including a newly raised $8 billion. This approach is part of a strategic evolution for the investment firm, led by CEO Hemant Taneja, as it seeks to grow beyond the traditional venture capital model, including creating innovative funding mechanisms. Its customer acquisition fund has invested in nearly 50 companies, including Lemonade and Fivetran, as it leads on growth metrics to a more predictable path to returns. "Companies like Grammarly basically have a machine where they can invest dollars in sales and marketing and generate a very consistent return," said Pranav Singhvi, Managing Director at General Catalyst, "With this wave of AI, giving Grammarly the firepower to actually go and invest could land those customers beyond the 40 million." (Reporting by Krystal Hu in New York; editing by Giles Elgood)
The Star
08-05-2025
- Automotive
- The Star
Baidu's Apollo teams with Car Inc to launch autonomous driving rental service
FILE PHOTO: People visit the booth of Baidu's Apollo autonomous driving system during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. REUTERS/Aly Song/File Photo
Straits Times
23-04-2025
- Automotive
- Straits Times
FIA approves GM as Formula One engine supplier from 2029
The GM logo is seen on the China Headquarters in Shanghai, China, August 29, 2022. REUTERS/Aly Song/ File Photo Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - June 20, 2024 General view as a worker cleans the FiA logo ahead of the Spanish Grand Prix REUTERS/Albert Gea/ File Photo FIA approves GM as Formula One engine supplier from 2029 Formula One's governing body has officially approved GM Performance Power Units as an official engine supplier from 2029, the FIA said on Wednesday. The company has been formed by TWG Motorsports and General Motors to power the new Cadillac team that will debut next season. Cadillac will use Ferrari units until the GM engines are available. "With this approval from the FIA, we will continue to accelerate our efforts to bring an American-built F1 power unit to the grid," said GM Performance Power Units CEO Russ O'Blenes in a statement. The company plans to open a dedicated facility near Charlotte, North Carolina, in 2026. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
