Weekly dose of HR Tech Simplified #4
Bain & Company, OpenAI, Figma, Adobe, Tome.ai, Finch, Generative AI
Hi friends 👋,
Happy Friday and welcome back to our Weekly dose of HR Tech Simplified. This has been a busy week for HR Tech with multiple new product and fundraising announcements along with bizarre but useful developments in the field of Generative AI.
Now, let’s get to it.
OpenAI and ChatGPT have been the talk of the town for past few months now. Generative AI is being touted as killer of all professionals replacing everyone from lawyers to marketers. The first glimpse of how Generative AI will change professions is visible from Bain & Company’s partnership with OpenAI. According to Bain & Company,
Our services alliance with OpenAI brings clarity to the expanding array of its potential business applications, combining OpenAI’s technology with our deep understanding of business strategy and social responsibility.
They already have a client in Coca-Cola where they are planning to leverage this alliance with OpenAI. Details include
With ChatGPT and DALL·E, we’re helping Coca-Cola to augment its world-class brands, marketing, and consumer experiences in industry-leading ways. We’re also using OpenAI technology to improve business operations and capabilities.
It will be interested to see how other professional services firms respond to this market leading alliance.
Adobe, DOJ and Figma
It can’t get more interesting than DOJ planning to block Figma sale to Adobe.
However, you feel for Dylan (Figma’s founder) as highlighted in the tweet below.
M&A and Fundraising news
Tome.ai, a buzzy storytelling startup has raised $43 million from the who’s who in AI. Now valued at $300 million while still pre-revenue, Tome says it’s the fastest productivity software maker to ever reach 1 million users since its September release. Tome will generate storyline and slides for you based on your prompt. While these slides are not client ready, they definitely provide you a good starting point.
Finch, a platform that helps companies connect to various HR apps, services and systems has raised $40 million in a Series B round co-led by General Catalyst and Menlo Ventures with participation from QED Investors, Altman Capital and PruVen Capital.
Co-founder and CEO Jeremy Zhang says the new cash will be put toward adding coverage for more payroll and benefits systems, expanding into new employment data verticals and growing Finch’s engineering, product and customer success teams. Zhang claims that the company was cash flow-positive before the funding round, with revenue increasing 12x since Finch’s Series A last June.