Lugano, Switzerland, April 12, 2024 (GLOBE NEWSWIRE) -- In the wake of generative AI's meteoric rise, nations and companies worldwide are mobilizing to harness this transformative technology's potential. From enhancing product experiences to driving operational efficiencies, generative AI promises to reshape industries and unlock new frontiers of innovation. The global generative AI market was valued at $40 billion in 2022 and is projected to surge to a staggering $1.3 trillion by 2032 (Source: Bloomberg). A paradigm shift is underway, and enterprises are racing to secure a competitive edge.
This AI revolution holds immense potential but presents formidable hurdles. Traditional companies risk losing their intellectual property and expertise by relying too heavily on tech giants for critical AI functions. Within this landscape, open-source AI emerges as an alternative option. However, integrating and managing AI models introduces a new level of technology complexities, leaving many enterprises struggling to make tangible progress.
Emerging from Stealth, Prem Labs Accelerates Enterprises' Path to Sovereign Generative AI
(Prem Labs Logo)
Amidst this backdrop, Prem Labs offers a pioneering solution, empowering enterprises to unlock the full benefits of generative AI while retaining complete control over their data and assets. The company enables organizations to easily train customized AI models to meet business use cases while ensuring data privacy and preservation of intellectual property.
The Swiss-based start-up recently came out of stealth, announcing the successful conclusion of its $14 million seed funding round. Investors include David Maisel, founder of Marvel Studios, Fan Zhang, co-founder of Sequoia Capital China, and Alan Lipschitz, founder of Incubeta, among many others. David Maisel's appointment to Prem Labs' Advisory Board underscores the company's commitment to harnessing the transformative power of generative AI to elevate intellectual properties. This strategic move, particularly timely following the groundbreaking release of Sora, reinforces the pivotal role artificial intelligence will play in revolutionizing the entertainment industry landscape.
A Vision of Sovereign AI
(Prem Labs Platform)
Prem Labs' journey began last summer with the release of the Prem App, a free, open-source alternative to ChatGPT. The company has since forged strategic collaborations with key players and customers across diverse sectors, including financial compliance, commerce, and gaming.
Prem Labs empowers clients to develop cutting-edge AI models tailored to their unique data sets and business requirements. The company's on-premises deployment solution ensures clients maintain full ownership, control, and adherence to GDPR, aligning with stringent European data protection laws. This strategic approach positions Prem Labs at the forefront of the AI landscape, primed for significant expansion within the European market and beyond.
"The integration of the Prem Platform has revolutionized our compliance management with its fine-tuning capability, enabling precise customization of AI models for the financial sector," says Nicolas Espinoza, CEO of Grand, a subsidiary of Advisense, a leading European compliance group, and Prem's key customer.
Prem Team and Research
Prem Labs boasts a team of diverse talents, each member contributing extensive technical expertise in artificial intelligence research and distributed databases. The team is led by founder and CEO Simone Giacomelli, who previously co-founded SingularityNET, the world's first decentralized AI and blockchain network, which has achieved over one billion in market valuation. Furthermore, the team is working with the expert leadership of academic advisor Emanuele Carpanzano in collaborative research efforts with distinguished institutions such as the University of Applied Sciences and Arts of Southern Switzerland (SUPSI) and the Università della Svizzera Italiana (USI).
"Our vision is a future where every individual has access to powerful, private, and personalized AI models, ensuring the benefits of artificial intelligence are distributed equally and not concentrated within a few large corporations," says Simone Giacomelli, founder of Prem Labs.
Media contact:
Name: Andrej Gamser
Email: andrej@premai.io
