CommBank invests in $97b AI lab Anthropic
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The news: Commonwealth Bank on Friday morning announced it has made an investment in Anthropic, the AWS-backed artificial intelligence lab pursuing artificial general intelligence.
It is part of an expanded partnership that will see Commonwealth Bank's engineers work with Anthropic to develop AI for areas like customer support and fraud detection.
The context: CommBank has been using Anthropic AI Agent to source data and information and execute other tasks for its workers, something the bank's chief data officer recently said had significantly increased efficiency across the organisation.
CommBank recently renewed a five-year contract with AWS, which has invested USD8 billion ($12.7 billion) in Anthropic. The AI lab, founded by former employees of OpenAI, announced a Series E raise valuing it at USD61.5 billion ($97 billion).
The bank did not disclose how much it has invested.
What they said: "This enhanced strategic partnership and investment in Anthropic will help our teams to accelerate our AI capability," said Gavin Munroe, group chief information officer at CBA.
“With our shared values and vision, this partnership is also intended to uplift and unlock AI potential for our engineers, who will have an opportunity to work with Anthropic’s AI experts to explore how we can accelerate how we build the products to serve and protect our customers, including how we can further protect customers and communities from scams and fraud."
Anthropic chief financial officer Krishna Rao added that "by combining Anthropic's advanced AI capabilities with CBA's deep financial expertise we can create more personalised experiences for customers while maintaining the highest standards for safety and security".
The source: Commonwealth Bank
