🦅 OpenAI's Sora Soars

PRESENTED BY The GOTO Market Institute

Welcome to this week’s SaaS Sentinel! Today, we’ve got a fresh batch of stories covering everything from new AI tools to startups raking in funding.

• Despite raising $1.6M pre-seed, SocialCrowd’s co-founder said fundraising was a “marathon.” Even so, he’s still bullish on the company’s growth in spite of economic storm clouds.

• An EU leader warned AI trickery could spell “the end of democracy.” But no pressure for the tech firms pledging to fight election manipulation or anything.

• OpenAI unveiled a new AI video generator, but they’re engaging with policymakers and artists before officially releasing the tool.

Now on to this week’s SaaS developments...

SocialCrowd Raises $1.6M Pre-Seed for Performance Management Software

Startup SocialCrowd just raised $1.6 million in pre-seed funding to boost its employee performance software. The company aims to be like “Fitbit for work”—tracking productivity and motivating workers to hit targets for rewards like gift cards or extra time off.

Now we’re just waiting for the metaverse edition, where instead of steps, your avatar earns crypto for completing tasks in a virtual office—coming soon to an AR headset near you in 2032. (Don’t worry we’re kidding… kinda).

Anyway, this fresh funding comes as VCs remain bullish on work software’s growth and return potential despite economic storm clouds. Bread and Butter Ventures led this round, with its managing partner saying, “The firm loved SocialCrowd’s consumer-first approach and focus on employees.”

The startup says it’s seen more demand as employers continue to struggle with remote staff retention post-pandemic. Despite this growing market opportunity, SocialCrowd’s co-founder said securing funding was still a marathon.

Read more here.

Major Tech Companies Pledge to Combat AI Election Manipulation

Well, this sounds reassuring and not at all like the preamble to a dystopian sci-fi film. Many of tech’s biggest names signed onto a new voluntary framework to try combating AI trickery aimed at deceiving voters.

We’re talking Microsoft, Meta, Google—all the chaotic neutral alignment logos.

The goals are to spot manipulated media about candidates and voting, plus label and respond to disinformation campaigns. Some European officials welcomed the accord while also warning that AI lies could mean “the end of democracy.” NBD.

But the pledge is pretty loosey-goosey since the companies aren’t outright banning fake content. And most of their new safeguards aren’t even up and running yet.

Think of it as a cautiously optimistic pinky promise to try and stop Skynet and its army of killer robots from taking over the 2024 election. What could possibly go wrong?

Read more here.

OpenAI Reveals New Text-to-Video Generator

Because two ultra-viral AI products aren’t enough, OpenAI would like to introduce its latest buzzworthy creation: meet “Sora,” the text-to-video generator.

This new tool can whip up remarkably vivid 60-second videos based on just a few written prompts. From bicycle races between animated animal athletes (noble cause) to two podcasting golden retrievers (somebody fund this now, please).

OpenAI is taking steps to responsibly develop Sora before any public launch, engaging with policymakers and artists before officially releasing the tool.

Meanwhile, tech rivals like Google race to churn out similar AI video-making tools because no one wants to feel left out of the artificial intelligence arms race.

Sora’s launch continues OpenAI’s sprint into new generative frontiers. And renews familiar questions about regulating and safeguarding such powerful, potential-packed technologies.

(Maybe those two golden retriever podcast hosts can tackle the ethics debate in their next episode).

Read more here.

Parting Thoughts

Well, that’s the tech news that’s fit to brew this week. Hit reply and let us know if you learned from today’s newsletter.

Until next week!