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Data-Labeling Firm Surge AI Aims To Raise $1 Billion In Capital
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Sarah Frazier Former Content Manager
The AI data-labeling company Surge AI aims to raise $1 billion in its first capital-raising round. The startup expects to capitalize on rising demand after Meta invested in Scale AI, its competitor.
In a rush? Here are the quick facts:
- Surge AI aims to raise $1 billion during the company’s first capital raising round.
- The data-labeling company targets a $15 billion valuation.
- OpenAI and Google are turning to Surge AI after Meta partnered with Scale AI.
According to Reuters , anonymous sources explained that Surge AI hired advisors to negotiate the deal and is targeting a valuation of $15 billion. The discussions are at an early stage, but the company remains optimistic as Scale AI lost customers after Meta’s acquisition , who are now interested in Surge AI—including OpenAI and Google.
Surge AI was founded by Edwin Chen, a former Google and Meta engineer, in 2020. The company generated over $1 billion in revenue last year, surpassing Scale AI which reported $870 million.
After Meta invested $14.3 billion in Scale AI—for a 49% stake in the company and its CEO Alexandr Wang to lead its Superintelligence lab—, the company was valued at around $29 billion.
Now, Surge AI is leveraging recent developments to offer and expand its services to tech giants as companies such as OpenAI and Google express concerns that Scale AI could expose sensitive information to Meta. The startup has quietly positioned itself as one of the most valuable players in the data labelling industry.
SurgeAI has gained a strong reputation in Silicon Valley for its “premium, high-end data labeling services,” as reported by Reuters.
The company has capitalized on reinforcement learning from human feedback (RLHF), a technique used for training advanced AI models. Some investors see the data labeling sector growing and in need, while others hesitate as the need for human labor decreases. The success of the deal would depend on how investors perceive Surge AI’s long-term prospects.
Besides tech companies, Surge AI’s competitor, Scale AI, has also partnered with governments such as Qatar to modernize services with AI tools, and the United States to develop Thunderforge, a military planning and decision-making project.
Photo by Troy Mortier on Unsplash
Australian Airline Qantas Hit By Cyberattack, Exposing Data Of 6 Million Customers
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Sarah Frazier Former Content Manager
Australia’s flagship airline, Qantas, has been hit by a cyberattack that exposed the data of approximately 6 million customers. The airline confirmed the incident on Wednesday and assured the public that it has been contained and that flight operations have not been affected.
In a rush? Here are the quick facts:
- Australia’s flagship airline, Qantas, was hit by a cyberattack on Monday.
- The data of 6 million users has been exposed, including email addresses, phone numbers, frequent flyer numbers, and birth dates.
- Qantas is investigating the incident along with local authorities and cybersecurity experts.
According to Qantas’ announcement , a few days ago, a cybercriminal gained access to a third-party platform used by its contact center. The company noticed unusual activity on Monday and took immediate action to contain the breach. However, it estimates that the records of around 6 million customers have been compromised.
“We understand this will be concerning for customers,” wrote Qantas. “We are currently contacting customers to make them aware of the incident, apologise, and provide details on the support available.”
Qantas is investigating the incident and noted that sensitive information such as names and addresses were exposed, but that bank details and passport IDs were not stored in the system hacked.
“We are continuing to investigate the proportion of the data that has been stolen, though we expect it will be significant,” states the document. “An initial review has confirmed the data includes some customers’ names, email addresses, phone numbers, birth dates and frequent flyer numbers.”
The airline explained that credit card numbers, PINs, log-in details, and passport details were not disclosed.
Qantas has notified local authorities, including the Office of the Australian Information Commissioner, the Australian Cyber Security Centre, and the Australian Federal Police.
The airline notified customers affected by the breach and provided a dedicated customer support line on its websites to share the latest updates and assist passengers affected.
“We sincerely apologise to our customers and we recognise the uncertainty this will cause. Our customers trust us with their personal information and we take that responsibility seriously,” said Vanessa Hudson, Qantas Group Chief Executive Officer.
Just a few days ago, Hawaiian Airlines also announced it has been targeted by a cyberattack affecting its IT systems.
While both incidents remain under investigation and the identities of the attackers have not been disclosed, the FBI recently warned about the cybercrime group Scattered Spider targeting the airline sector .
