PwC is betting $1 billion in AI

Plus Adobe will watermark AI media

Author

The Alignment
April 27, 2023

Happy Friday, rounding up another eventful week !

Here’s what we have lined up for you today -

  1. PricewaterhouseCoopers is betting $1 Billion on Generative AI

  2. Adobe will watermark AI images for authenticity verification

  3. Harvey raises from Sequoia to transform the legal industry

As always if you enjoy reading our posts be sure to spread the word !

PwC is investing $1 billion into AI over the next 3 years. This investment will be used to hire AI specific job roles, training programs for existing employees and acquiring AI software capabilities.

The first signs of this emerged when the firm announced their partnership with Harvey to provide its in house lawyers with generative AI solutions purpose built for the legal industry. Harvey themselves recently closed a $20 million venture round from Sequoia.

PwC wants to take the lead on becoming a highly automated firm that becomes the go-to place for clients for AI consulting.

Where exactly are they planning to deploy these capabilities ?

  1. Report writing

  2. Compliance document preparation

  3. Business strategy optimization

  4. Operational efficiency optimization

  5. Marketing and sales material.

If AI starts to automate jobs at large consultancy firms, what happens to the tens of thousands of analysts and associates working at these places ?

Midjourney has been all the rage, and rightfully so given how good their generative art engine is. However Adobe has also been quietly building their generative AI arm, putting in the checks and balances needed for eventual legal and regulatory clampdown regarding copyright claims that have been piling up against the generative art industry.

Adobe’s Content Authenticity Initiative (CAI) for photos and images will possibly be rolled out for generative art, watermarking any content that is generated using AI.

The public perception will most likely be mixed. For users/artists onboarding on the platform, it is likely they might not want images that they generate that have such watermarks. But business clients might welcome this update to make their own job easier with respect to copyrights.

The most storied venture firm in Silicon Valley has just invested $20 million into Harvey, which is building purpose built AI for the legal industry.

A few things stand out about Harvey :

  1. They are not a GPT-4 wrapper. Instead they are building custom built solutions using GPT-4 for each client that they work with.

  2. They are not a consumer play, they are heavily focused on the enterprise customer.

  3. Their clients include PwC, Allen and Overy among others. They have millions in contract value from these clients.

  4. Their customisability helps them have specific data segregation, security and compliance setups for each client.

They want to become the one stop shop for every Legal AI needs that organisations might have moving forward.

Around the industry -

Product Corner -

There are way too many cool products to showcase just one !

  • Annie : Your always available AI friend

  • Promptly : Build AI Apps & Chatbots in Minutes with no code

  • Studio AI : The new age design tool with WebDesignAI inside.

  • Code Design AI : AI Website Builder Build and Deploy in 30 Seconds!

Movie trailers, but make sure they are made by AI