News

Meta & Microsoft Release AI Language Tool For Commercial Use

The open-source AI model, called Llama 2, will be available through the Azure AI catalog and Amazon Web Services, as well as in a standalone Windows version.

Published

1 year ago

July 19, 2023

Nour Nasir

Meta

Meta and Microsoft have partnered to create Llama 2, a “next-generation large language AI model” for commercial and research applications. Llama 2’s open-source code places greater importance on responsibility and includes a reasonable use guide, plus an acceptable use policy to prevent criminal applications, misleading information, and spam.

Meta is releasing pre-trained and conversation-oriented versions of Llama 2 for free. Meanwhile, Microsoft is making the AI tool available through the Azure AI catalog to use with cloud tools, including content filtering. Llama 2 can also run directly on Windows PCs and will be available through outside providers such as Amazon Web Services and Hugging Face.

Major rivals like the popular OpenAI GPT-4 are often locked down for greater subscription or licensing revenue, but Llama 2’s Open Source code lets companies customize the AI technology for their own purposes — such as chatbots and image generators — while providing a way for outsiders to check for biases, inaccuracies, and operating flaws.

Also Read: The Largest Data Breaches In The Middle East

For Microsoft, Llama 2 is an important project in the fight against AI rivals — notably Google. Microsoft already uses OpenAI systems in Azure and Bing, so the latest Meta collaboration should give business customers greater choice, especially if they’re interested in fine-tuning an AI model to suit more specialist needs.

Related Topics:Artificial Intelligence Meta Microsoft

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News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.