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OpenAI Introduces ‘Tasks’ Beta Feature to Compete with Virtual Assistants

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On Tuesday, OpenAI unveiled a new beta feature called “Tasks” for ChatGPT, marking the company’s entry into the virtual assistant arena, aiming to compete with established platforms like Apple’s Siri and Amazon’s Alexa. This feature allows ChatGPT users to request actions to be performed at a specified future time, such as one-time reminders for events like concert ticket sales or recurring tasks such as daily weather updates or weekly news briefings.

Based on interactions with users, ChatGPT will also proactively suggest tasks that users can choose to accept or decline. This new function broadens the scope of what ChatGPT can offer, making it more assistant-like, similar to Alexa and Siri.

The launch follows a growing trend where AI-powered systems are reshaping virtual assistant functionalities. Amazon, for example, has been revamping its Alexa service with generative AI capabilities to remain competitive, while Apple has incorporated its “Apple Intelligence” technology into Siri. In collaboration with Microsoft-backed OpenAI, Apple now seeks user consent before sending queries to OpenAI’s services.

OpenAI’s “Tasks” feature will be available to Plus, Team, and Pro users globally in the coming days, with the web platform being the first to get access.

 

Synthesia Reaches $2.1 Billion Valuation After $180 Million Fundraise

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Synthesia, a UK-based AI video avatar platform, announced on Wednesday that it has successfully raised $180 million in its latest funding round, led by venture capital firm NEA. This round pushes the company’s valuation to $2.1 billion, making it the most valuable generative AI media company in the UK, according to Dealroom data. This marks a significant increase from its $1 billion valuation in June 2023.

Synthesia’s cutting-edge technology enables businesses to create custom AI avatars for instructional and corporate videos. With over 60,000 customers, the company counts major players like Zoom Communications, Heineken, Inter IKEA Group, and more than 60% of the Fortune 100 companies among its clients.

The AI sector, fueled by the success of OpenAI’s ChatGPT, has attracted significant venture capital, with AI startups accounting for over 25% of European venture capital last year. Synthesia’s Series D round saw new investors such as Atlassian Ventures and PSP Growth join existing backers GV and MMC Ventures. This brings Synthesia’s total capital raised to over $330 million.

The company plans to use the funding to support its expansion efforts in North America, Europe, Japan, and Australia. With over 400 employees across seven countries, including offices in Denmark, Germany, and the U.S., Synthesia is well-positioned to capitalize on the growing AI video avatar market, competing with other startups such as Colossyan, HeyGen, and Veed.

 

Tech Mahindra Focuses on Expanding BFSI Segment to Close Gap with Larger Rivals

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Tech Mahindra, India’s fifth-largest software services exporter, is intensifying its efforts in the banking, financial services, and insurance (BFSI) sector to bridge the revenue gap with its larger competitors. CEO Mohit Joshi, who took charge in December 2023 after two decades at Infosys, aims to increase the contribution of BFSI to Tech Mahindra’s total revenue from 16% to 25% by March 2027.

Focus on BFSI Expansion

Joshi acknowledges that while the company has historically relied on telecom clients for revenue, the BFSI sector represents a more lucrative and growing opportunity. India’s $254 billion IT sector sees some peers generate as much as a third of their revenue from BFSI, and Joshi intends to ensure Tech Mahindra captures a larger share of this market. “We still have a lot of room to catch up,” he noted.

Targeting Core Banking and Insurance Services

Tech Mahindra will focus on key segments within BFSI, including core banking, payments, asset and wealth management, custodian services, and insurance. These areas are among the largest technology spenders, with large banks spending over $10 billion annually on tech services, making it a crucial area of growth for Tech Mahindra. Joshi’s leadership has already strengthened the company’s BFSI division to tap into these opportunities.

Role of Generative AI in BFSI

Joshi views generative artificial intelligence (GenAI) as an enabler rather than a threat to the tech services sector. He believes that AI will increase the demand for technology services, especially in sectors like BFSI, rather than diminishing the need for developers. “GenAI is the best spokesperson for why we need more money to be spent on technology,” Joshi said, adding that the demand for developers will continue to grow due to the increased complexity of tasks.

Human Element in Customer Service

While some fear AI could replace human roles in customer service, Joshi remains skeptical about a widespread shift to AI-driven contact centers. He emphasized that for critical issues, customers will still prefer human interaction over AI solutions.