Malted AI raises £6M for cost-effective small language models
Summary
Scottish startup Malted AI announced today that it has secured \xa36 million in seed investment, led by Hoxton Ventures and joined by Creator Fund and angel investors. Existing LLMs are overly general and result in very expensive enterprise solutions needing more pinpoint accuracy and performance.Malted AIs technology allows enterprises to apply small language models (SLMs) that solve domain-specific problems with 10-100x cost savings. A single, many-billion parameter foundation model is costly, too general, and too slow- its not fit for the purpose of the complex challenges enterprises face. We do this by using cost-effective small language models (SLMs) that take the most useful parts of LLMs but with a performance exceeding its bigger sibling at specific tasks that require domain knowledge. Malted AI was born out of concepts that helped founders - Iain Mackie, Carlos Gammel and Federico Rossetto - win the 2022 Amazon Alexa Prize.