The Conversation (0)
BlinkLab Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
BlinkLab Limited
Investor Insight
BlinkLab’s transformative AI-based healthcare technology is at the forefront of innovations in the global medical field that are quickly gaining traction among keen investors.
Overview
BlinkLab (ASX:BB1) offers a smartphone-based diagnostic platform that leverages computer vision, artificial intelligence (AI) and machine learning (ML). A company started by neuroscientists at Princeton University, Blinklab has developed its novel technology over several years, providing an app-enabled, smartphone-based diagnostic tool for evaluating children with neurodevelopmental conditions such as autism and ADHD.
The app turns a smartphone into a diagnostic tool that helps to conduct remote and rapid tests that can assist in diagnosing neurodevelopmental conditions. BlinkLab’s smartphone app provides a screening tool that can help with diagnoses much earlier than the age that children are typically assessed at present (approximately 5-6 years old). It is also a remote (i.e., accessible) and inexpensive means of beginning the assessment process, which can typically be very costly and take up to multiple years currently.
BlinkLab’s smartphone app facilitates early diagnosis, reduces costs, and improves accuracy.
BlinkLab’s smartphone-based technology, which uses AI and machine learning (ML), makes it attractive to investors. Like other industries, AI is becoming very popular in the healthcare sector. According to Statista, the AI healthcare market is expected to proliferate from $11 billion in 2021 to $187 billion in 2030. The increasing use of AI is driven by advanced ML algorithms, access to data, and use of 5G technology. AI and ML technologies can evaluate and analyze enormous volumes of data faster than humans.
Artificial intelligence, and particularly machine learning, has the potential to serve as the great equaliser for many behavioural healthcare concerns like autism. According to recent data, 97 percent of adults in the United States own a cellular device, and nine in ten own a smartphone. A 2022 Global State of Digital report by We Are Social shows 66.9 percent, or about 5.34 billion, of the world’s population are mobile users. As these percentages continue to rise and internet-powered devices become ubiquitous, access to digital health services can become democratised on a global scale. While autism spectrum disorder (ASD) services are currently restricted to relatively privileged populations, digital solutions powered by emerging data, science, and methodologies can make access to autism therapy more accessible.
Large players are investing in this segment to tap into the vast potential of these new technologies. One such example was Pfizer’s acquisition of ResApp. In October 2022, Pfizer acquired Queensland University startup ResApp Health for $179 million. ResApp developed a smartphone technology to detect respiratory diseases using cough analysis accurately.
Furthermore, big tech companies such as Apple, Amazon, Microsoft and Alphabet are also now venturing into the AI healthcare market.
Company Highlights
- Australia-based BlinkLab (ASX:BB1) is focused on transforming mental healthcare through an AI-enabled smartphone application, a breakthrough technology developed with Princeton University.
- The company’s innovative approach leverages the power of smartphones, AI and machine learning to deliver screening tests specifically designed for children as young as 18 months old. This marks a significant advancement, considering traditional diagnoses typically occur around five years of age, often missing the crucial early window for effective intervention.
- Once approved by regulators, this cutting-edge digital technology is poised to capture the imagination of both investors and major pharmaceutical companies, eager to embrace transformative solutions in healthcare.
- BlinkLab is led by an experienced management team and leading experts in the field of machine learning, autism and brain development, bridging the most advanced technological innovations with groundbreaking scientific research. The company is chaired by Brian Leedman, an experienced biotechnology entrepreneur and founder of ResApp Health, a digital diagnostic company recently acquired by Pfizer.
Key Technology and Applications
Neurobehavioral assays of brain function can reveal fundamental mechanisms underlying neuropsychiatric conditions, but typically require centrally located equipment in a laboratory test facility. Consequently, these tests are often unpleasant for participants, as they often require instruments attached to their face and cannot be used at scale in daily clinical practice, particularly with paediatric patients.
BlinkLab has developed a smartphone-based software platform, known as ‘BlinkLab Test’, to perform neurobehavioural testing that is free from facial instruments or other fixed location equipment.
This AI-based platform is designed to be used at home or in similarly comfortable environments, either independently or with the assistance of a caregiver, while following instructions from the smartphone application. The tests include, but are not limited to, eyeblink conditioning (EBC), which is a form of sensory-motor associative learning, prepulse inhibition of the acoustic startle response (PPI), which measures the ability to filter out irrelevant information through sensorimotor gating, startle habituation, which measures the ability for the intrinsic damping of repetitive stimuli and sensory adaptation, and habituation of the eye blink response, which serve as biomarkers for neurological and psychiatric disorders.
The BlinkLab Test App combines a smartphone’s ability to deliver stimuli and acquire data using computer vision with a secure cloud-based portal for data storage and analysis. In the tests, each audio and/or visual stimulus is presented with millisecond-precise control over parameters such as timing, amplitude and frequency. To maintain participant attention, an entertaining movie of choice is shown with normalised audio levels. Participants’ responses are measured by the smartphone’s camera and microphone, and are processed in real time using state-of-the art computer vision techniques. Response data is then fully anonymised, and transferred securely to the analysis portal. There, BlinkLab’s in-house AI/ML algorithms then perform clustering and statistical analysis to identify the prediction value of the experiment in the particular data set.
BlinkLab Test was initially developed as a prescription diagnostic aid to healthcare professionals (HCP) considering the diagnosis of ASD in patients 18 months through 72 months of age that are at risk for developmental delay. In collaboration with Princeton University in the United States and Erasmus Medical Center in the Netherlands, the company has conducted several trials using BlinkLab Test as an early assessment tool for autism. Autism represents a global challenge, with 1 in 36 children in the U.S. having autism, up from the previous rate of 1 in 44. With no early tests currently available to detect the condition, many children are diagnosed with the condition as late as the age of five.
Blinklab’s mobile app can aid in early detection, facilitating diagnoses as early as two years of age and resulting in earlier personalised interventions and monitoring. The testing process is also far more comfortable than traditional means of diagnoses, as the child can watch their favourite movie or cartoon on the phone, and the app will record their reactions, providing key information on the functioning of the brain.
BlinkLab will be subject to regulatory oversight as a medical device and must clear clinical studies. Previous clinical trials completed by Blinklab have shown impressive indicators of success, achieving sensitivity levels of 85 percent and specificity levels of 84 percent. The company notes that these trials are very similar to those that are required by the United States Food and Drug Administration (FDA) for approval and have shown much higher levels of accuracy compared to currently approved products.
In order for the BlinkLab Test technology to be used as a clinical aid in the diagnosis of ASD, BlinkLab will need to complete a pivotal registrational study, and subsequently apply for FDA registration and reimbursement for the tests. The registrational study intends to recruit up to 500 subjects. Enrolment for this study is expected to begin in 2024, with study completion expected by mid-2025. The potential to participate in a disruptive and scalable AI-powered technology close to regulatory approval should attract attention from big medical technology companies.
Research and clinical studies
BlinkLab engages and partners with research and medical institutions across the globe to further test and develop its technology.
In May 2024, BlinkLab initiated a clinical study in partnership with US-based Turning Pointe Autism Foundation to enroll up to one hundred children previously diagnosed with autism and one hundred children without an autism diagnosis. The data obtained during this collaboration will be used to finalise the data collection and processing algorithms and AI/ML models ahead of the FDA registrational study.
The company is also participating in a clinical study of patients with spinocerebellar ataxias, conducted by Columbia University, New York, to study the effect of aerobic physical exercise on neuroplasticity in adults with spinocerebellar ataxias (SCA).
To further improve and accelerate the diagnostic evaluation of ADHD, BlinkLab forged a major research and clinical partnership with Mental Care Group (MCG) in The Netherlands, the fifth largest outpatient mental health care provider in Europe.
To validate BlinkLab’s platform for the assessment of functional neurological disorder (FND), the company has partnered with Bates College in Maine for a clinical study that aims to characterise the behavioural time course of Pavlovian eyeblink conditioning and acoustic startle habituation. It will validate the BlinkLab smartphone test for use as a remote neurobehavioral testing and diagnostic tool for FND.
At Erasmus University Medical Center, BlinkLab’s smartphone-based remote assessment, including eyeblink conditioning and prepulse inhibition of the acoustic startle reflex, is being used, among other tools, in a clinical study to set-up an overarching at-home testing lab, named the Digital Dementia Lab, to identify, develop and test a variety of digital biomarkers
measuring clinically relevant behaviour for improving early accurate diagnosis of dementia.
BlinkLab is also working with Monash University in Australia to evaluate BlinkLab as a medical device for monitoring the therapeutic effects of ketamine on cognitive processes whereby sensory information is converted into decision making. Results from this study can help facilitate cognitive behavioural therapy outcomes in patients with psychiatric conditions such as depression, schizophrenia, epilepsy, and post-traumatic stress disorder.
BlinkLab also recently signed a partnership for more clinical trialling with INTER-PSY, a large centre in the Netherlands that specialises in autism, offering assistance with diagnostics and treatments. This study also mirrors the study design of the Company’s developing FDA regulatory trial, which will be needed for future approval of BlinkLab Test as an approved diagnostic tool in the United States.
Management Team
BlinkLab is led by an experienced management team and directors with a proven track record in building companies and vast knowledge in digital healthcare, computer vision, AI and machine learning. The company’s chairman, Brian Leedman, is an experienced biotechnology entrepreneur and founder of ResApp Health, a digital diagnostic company for respiratory conditions, which was recently acquired by Pfizer for $179 million before reaching FDA approval for their main diagnostic product.
Dr. Henk-Jan Boele – Founder and Chief Executive Officer
Henk-Jan Boele is an assistant professor of neuroscience at the Medical Center of Erasmus University and a researcher at Princeton University. He obtained his PhD from Erasmus University in 2014. Boele has always been pushing scientific and methodological boundaries, and received numerous government and industry grants in the field of neuroscience.
Peter Boele – Founder and Chief Technology Officer
Peter Boele holds a bachelor’s degree in history and philosophy from Leiden University. He has over 20 years of experience in software development and has worked with Erasmus University, Leaseweb, Kaboom Informatics and Insocial.
Dr. Anton Uvarov – Founder and Chief Operational Officer
Anton Uvarov holds a Ph.D. from the University of Manitoba and an MBA from the Haskayne School of Business. He has rich experience in bio-technology investments with a particular focus on neuroscience and has successfully led several IPOs. He started his career as a biotechnology analyst with Citigroup, US.
Dr. Bas Koekkoek – Founder and Chief Scientific Officer
Bas Koekkoek is an assistant professor at Erasmus Medical Center. Koekkoek has been working at the Department of Neuroscience mainly in the role of rapid prototype of new technology and techniques for neuroscience. He has numerous publications in the area of brain development including Nature and Science journals.
Professor Sam Wang – Founder and Chair of Advisory Board
Sam Wang holds a PhD from Stanford University. He is a professor of neuroscience at Princeton University, has published over 100 articles on the brain in leading scientific journals and has received numerous awards. He gives public lectures on a regular basis and has been featured in The New York Times, The Wall Street Journal, NPR, and the Fox News Channel.
Professor Chris de Zeeuw – Founder and Scientific Advisor
Chris de Zeeuw is chairman of the Department of Neuroscience at Erasmus MC in Rotterdam and vice-director at the Netherlands Institute for Neuroscience in Amsterdam. De Zeeuw has received over 100 grants, including the Pioneer Award from ZonMw and the ERC advanced grant. In 2006, he received the Beatrix Award for Brain Research from Her Majesty the Queen; in 2014, he became an elected member of the Dutch Academy of Arts & Science; and in 2018, he received the international Casella Prize for Physiology.
Tech 5: OpenAI Closes on US$6.6 Billion in Funding, Cerebras Files for IPO
Stay informed on the latest developments in the tech world with the Investing News Network's round-up.
1. OpenAI concludes latest funding round, exceeding target
OpenAI is predicting its revenue will reach US$11.6 billion next year, significantly surpassing the estimated US$3.7 billion it is projected to make in 2024. A Reuters source says this growth will be driven by corporate sales of its AI features and subscriptions to ChatGPT.
Bloomberg reported on September 11 that the company was seeking US$6.5 billion in a new funding round, drawing interest from venture capital investors and industry peers. OpenAI ultimately raised US$6.6 billion, announced on Wednesday (October 2), resulting in a valuation of US$157 billion, according to a press release.
While OpenAI did not disclose the full list of investors, reports indicate participation from Microsoft (NASDAQ:MSFT), NVIDIA (NASDAQ:NVDA) and SoftBank (TSE:9984), along with several venture capital firms. NVIDIA's contribution of roughly US$100 million marks the company’s first investment in OpenAI. Its share price surged over 3 percent from Wednesday’s close on Thursday (October 3) morning. The company gained 5.69 percent this week.
NVIDIA's performance, September 30 to October 4, 2024.
Chart via Google Finance.
While Apple (NASDAQ:AAPL) was rumored to be considering participation in the funding round, the Wall Street Journal reported on Monday (September 30) that the company ultimately decided not to invest.
Its share price is down over 2 percent for the week.
The funding round came in the form of convertible notes, with the stipulation of a successful restructuring to give majority control to a for-profit arm. There is also a clause to remove the cap on returns for investors and a condition that prevents inventors from backing rival companies, such as Elon Musk’s xAI, as reported by the Financial Times.
2. Crypto markets rally, end the week on a high note
Bitcoin’s record-breaking September came to an abrupt end on Tuesday (October 1), with the cryptocurrency falling 6.8 percent to US$61,279.47 on Friday (October 4) morning from its peak of US$66,078. Ether, Solana, Cardano, XRP and Ton also experienced losses this week, and hefty outflows from spot exchange-traded funds were observed.
10x Research attributes Bitcoin’s initial drop on Monday to overbought conditions and apprehension surrounding Tuesday’s monthly US ISM Manufacturing data, a key economic indicator.
Further losses across the crypto market were fueled by rising tensions in the Middle East and the dockworkers strike along the east coast of the US. These events quickly dashed hopes of a bullish “Uptober,” a term used to describe a historically positive period for cryptocurrency prices in October.
Amid these volatile trading conditions, on Wednesday crypto asset manager Bitwise filed a Form S-1 with the SEC to launch an ETF for Ripple Labs’ XRP token. This move came as the SEC filed a notice to appeal Judge Analisa Torres’ August 7 ruling on Ripple Labs. The ruling states that Ripple Labs was in violation of securities law only when tokens were sold to institutional investors, and the judge ordered the company to pay a fine of US$125 million for improper selling — just over 6 percent of the US$2 billion the SEC was seeking.
In a statement, an SEC spokesperson said, "We believe that the district court decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws and look forward to making our case to the Second Circuit."
Bitcoin's 24 hour price performance as of Friday at 4:00 p.m. PDT.
Chart via CoinGecko.
However, the tone shifted again on Friday afternoon as the US Department of Labor reported that the economy added 254,000 jobs in September, much higher than the expected 150,00. This provides a compelling rationale for the Federal Reserve to reduce interest rates gradually, which is good news for crypto markets. Bitcoin and Ether are up 2.3 percent and 3.4 percent, respectively, just after Friday's closing bell, marking the end of a turbulent first week of Q3.
3. California governor vetoes Senate Bill 1047
California Governor Gavin Newsom made a long-awaited decision regarding SB 1047, a comprehensive artificial intelligence policy that would have held developers responsible for “severe harm” caused by their technologies.
Describing the bill as “well-intentioned,” Newsom ultimately decided to veto the bill, authored by Senator Scott Weiner (CA-D). In a statement, the governor said the legislation would have applied “stringent standards to even the most basic functions” and that regulation should be based on “empirical evidence and science”. He also noted that a California-only approach to AI regulation could be warranted, “especially absent federal action by Congress."
However, SB 1047's focus on large, expensive AI models could mislead the public about the level of control over this rapidly evolving technology. It's possible that smaller, specialized models, not covered by the bill, could pose equal or greater risks, potentially stifling innovation that benefits the public.
The idea that overly stringent regulation would stifle progress and innovation in the field was the main argument made by opponents of the bill, which included former House Speaker Nancy Pelosi, Big Tech CEOs and venture capital firm Andreessen Horowitz, which has invested billions in AI.
4. AI startup Cerebras files for IPO
Cerebras Systems, an AI startup that builds specialized computer systems to facilitate deep learning, filed a registration statement for an initial public offering with the SEC on Monday. The company has experienced rapid growth and could one day challenge NVIDIA's dominance in the chip manufacturing industry in the US.
Cerebras' flagship product, the Wafer Scale Engine (WSE), is the largest chip ever made. Unlike traditional graphic processing units (GPUs), including NVIDIA's H100 GPU, which separate processing and memory, the WSE integration is designed to keep data on the chip rather than transferring it to different locations within a system or across a network.
The transfer of data creates what’s often called the Neumann bottleneck, a fundamental limitation that hinders performance by slowing down data access. Cerebras' architecture minimizes the distance data needs to travel, reducing latency and improving performance. This makes it an ideal solution for tasks that require massive data sets, such as genomic research, climate modeling, fraud detection and of course training large language models.
Recent filings show Cerebras' revenue surged nearly 70 percent in 2023 to US$78.7 million, compared to US$24.6 million the previous year. At the same time, losses narrowed from US$4.28 per share to US$2.92.
The company will list its Class A common stock on the Nasdaq under the symbol CBRS. The number of shares and the price range were not determined at press time.
5. Tesla stumbles after auto revenue declines
Shares of Tesla (NASDAQ:TSLA) are down 3.78 percent for the week following the company’s release of its Q3 results on Tuesday, which showed the company delivered 463,000 vehicles and produced approximately 470,000.
Tesla also reported a 2 percent increase in annual revenue to US$25.50 billion, topping LSEG estimates of US$24.77 billion. However, auto revenue fell by a whopping seven percent compared to a year ago, topping out at US$19.9 billion. Earnings per share also fell short of estimates, coming in at US$0.52 compared to US$0.62.
The company has had a rocky year, facing increased competition in China and regulatory scrutiny in the US. In July, sources for Bloomberg revealed that time constraints forced the company to delay the unveiling of its highly anticipated robotaxi from August 8 to October 10.
Tesla's performance, September 30 to October 4, 2024.
Chart courtesy of Google Finance
Following the report's release right after Tuesday’s closing bell, Tesla stock fell by over 4 percent in after-hours trading. Its share price slid a further 2 percent after the market’s opened on Wednesday before recovering to around US$250, roughly three percent lower than Monday’s opening price. Tesla closed the week at US$250.08.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Tech 5: Micron Shares Spike on AI Demand, OpenAI Speculation Swirls
Stay informed on the latest developments in the tech world with the Investing News Network's round-up.
1. Strong US jobs data closes the week
The week began on a positive note as Wall Street’s major indexes opened slightly higher on Monday (September 23). The flash S&P Global Services Purchasing Managers' Index for September came in at 55.4, marginally ahead of the expected 55.2, reinforcing positive sentiment regarding the health of the economy.
However, Ladenburg Thalmann Asset Management CEO Phil Blancato cautioned that the market is anticipating more rate cuts that the US Federal Reserve is likely to deliver, which could lead to volatility in the coming weeks.
China announced aggressive stimulus measures to support its economy on Tuesday (September 24), including issuing special sovereign bonds worth about 2 trillion yuan, news that boosted stocks around the world.
The S&P/TSX Composite Index (INDEXTSI:OSPTX), S&P 500 (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) all set new closing records. Gains to chip stocks including Qualcomm (NASDAQ:QCOM) and Intel (NASDAQ:INTC) boosted the PHLX Semiconductor Sector (INDEXNASDAQ:SOX) by 1.23 percent.
Stocks traded flat on Wednesday (September 25) morning, with the Nasdaq Composite dropping by 0.13 percent after the opening bell. By midday, gains in major players NVIDIA (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) had reversed earlier losses for the tech-heavy index. It ultimately closed just 0.17 percent above its opening score, while the S&P 500 and S&P/TSX Composite Index both lost ground.
Thursday’s (September 26) weekly initial jobless claims data for the US shows 218,000 new claims compared to estimates of 225,000, signaling a strengthening in the labor market.
The tech sector was among the top gainers by midday, boosted by Micron’s upbeat forecast, which the company shared just after Wednesday’s closing bell. The S&P/TSX Composite Index logged a new record close above 24,000, its second this week. Meanwhile, gains to chips stocks boosted the PHLX Semiconductor Sector by 3.77 percent, while the S&P 500 hit an intraday record of 5,767.37 before retreating slightly to 5,745.37, still up by 0.4 percent. However, it was the Russell 2000 (INDEXRUSSELL:RUT) that led gains on Thursday, closing 0.62 percent ahead.
Friday's (September 27) Personal Consumption Expenditures Price Index report shows inflation rose slightly in August, leaving stocks largely unchanged. The S&P 500 ended the week down 0.13 percent, while the Nasdaq Composite and Nasdaq-100 (INDEXNASDAQ:NDX) were down 0.39 percent and 0.53 percent, respectively. Small-cap stocks outperformed again, with the Russell 2000 ahead by 0.67 percent at the closing bell.
2. Bitcoin breaks free from price lock
The digital asset market opened the week buoyed by the Fed's rate cut. While US$65,000 was seen as a key resistance level, favorable market conditions and historical price data were hinting at a potential breakout.
Bitcoin and Ether remained relatively stable on Tuesday and Wednesday, while altcoins saw modest gains. Their lack of movement as Asian stocks rallied suggests a stronger correlation with US economic data.
Meanwhile, Bitcoin exchange-traded funds (ETFs) maintained momentum for the second week in a row, attracting inflows of US$136 million on Wednesday, the largest in almost a month.
Ether's price dipped after the US Securities and Exchange Commission decided to delay its decision on whether to approve options trading for spot Ethereum ETFs until November 11. This choice came after the government body approved a similar product for BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) last week.
The crypto market performed strongly on Thursday, propelled by positive jobs data. Bitcoin surged, with its upward momentum continuing into Friday, when it passed US$65,000 to trade above US$66,000 for the first time since July. Ethereum performed similarly, hitting a weekly high of US$2,721 midday on Friday.
As of Friday afternoon, Bitcoin was up 1.6 percent over the past 24 hours, trading at US$65,836, while Ether was up 2.4 percent over the same period, reaching a level of US$2,697.
3. Micron delivers uplifting Q4 results
Micron reported results for its fourth fiscal quarter and full 2024 year on Wednesday, prompting an 18 percent increase in its share price on Thursday morning. As of Friday’s close, shares of Micron stood at US$107.47, reflecting a 16 percent increase for the week and a 9.82 percent gain for the month.
The company's revenue for Q4 reached US$7.75 billion, exceeding the US$6.81 billion reported in the previous quarter. Micron’s revenue for the same period last year was US$4.01 billion.
Revenue for the full year came in at US$25.11 billion, up from US$9.57 billion during the previous year.
“Micron delivered 93 percent year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded US$1 billion in quarterly revenue for the first time,” said Micron President and CEO Sanjay Mehrotra in a statement shared by the company.
“We are entering fiscal 2025 with the best competitive positioning in Micron's history. We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.”
Micron Technology performance, September 23 to 27, 2024.
Chart via Google Finance.
Guidance for the company's first fiscal quarter of 2025 outlines revenue of approximately US$8.7 billion, plus or minus US$200 million, indicating continued confidence in demand for semiconductor chips.
Micron's positive results also impacted other chip stocks last week.
Shares of NVIDIA were up 2.72 percent at Thursday’s bell, while Taiwan Semiconductor Manufacturing Company (NYSE:TSMC,TPE:2330) rose by 3.37 percent. Advanced Micro Devices (NASDAQ:AMD) and Qualcomm (NASDAQ:QCOM) saw their share prices rise by 3.22 percent and 4 percent, respectively.
4. Meta unveils new AI innovations at Connect event
Shares of Meta sank 0.44 percent this week following the Meta Connect event, held on Wednesday and Thursday.
The company showcased a lineup of new products, including a US$299 budget-friendly version of its Meta Quest 3 reality headset, the Quest 3S, which will replace its Quest 2 and Quest Pro models by the end of the year. It also revealed limited-edition Wayfarer Ray-Ban Meta smart glasses with live AI-powered reminders and translations.
In addition, Meta CEO Mark Zuckerberg unveiled upcoming AI features for Meta, such as tools that will create lip-synced translations of Reels and voice chat capabilities. The event also showcased Meta’s full holographic augmented reality glasses, Orion. This provided the first glimpse of a product that has been in development for years, though Zuckerberg stated that it's not yet ready for consumers and offered no release timeline.
Finally, Meta released the newest version of its language model, Llama 3.2, which includes small- and medium-sized versions designed to fit onto edge and mobile devices. Both versions can understand and process text and images, handling larger amounts of text while maintaining context over extended conversations or documents. It comes with improved multilingual support for eight languages: English, German, French, Italian, Portuguese, Hindi, Spanish and Thai.
Meta's share price fluctuated during the two day event, briefly rising 0.97 percent to US$575.40 before returning to its pre-event level, offering limited insight into investor sentiment.
5. OpenAI rumored to be restructuring
Speculation about the future of OpenAI intensified this week following a Thursday report from Reuters on the company’s alleged plans to restructure into a for-profit corporation. Experts see the anticipated move as an attempt to make the company, which is not publicly traded, a more attractive option for investors.
The news came just a day after Chief Technology Officer Mira Murati announced she will be departing from OpenAI, along with two other executives. Sources told Reuters that the non-profit will persist, but hold a minority stake.
The restructuring would also grant CEO Sam Altman his first equity stake in the company, potentially valued at US$150 billion if the plans materialize. No specific timeline for the restructuring was provided by the source.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
BlinkLab Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects