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An excerpt from and article that originally appeared in The Australian – Fivecast has been named as one of the major players to watch in the Australian AI and machine learning space.

Despite the extensive coverage surrounding artificial intelligence (AI) and its impact on various aspects of life, there is a possibility that the true extent of its influence is being underestimated.

In recent times, considerable attention has been directed toward ChatGPT, a large language model AI developed by OpenAI, and its subsequent version, GPT4. This focus is justified due to the remarkable abilities exhibited by GPT4, as documented in a research paper by Microsoft researchers published in April of this year.

Considering the breadth and depth of GPT4’s capabilities, the researchers suggest that it could be viewed as an early, though incomplete, version of an artificial general intelligence (AGI) system. The main claim of their work is that GPT4 demonstrates sparks of artificial general intelligence.

However, it is crucial to approach the world of technology with caution regarding hyped advancements. For instance, Blockchain was once touted as a revolutionary technology expected to transform various industries, but its broad use beyond selling digital art is yet to materialize.

In contrast, AI has quietly been present in our lives for years, with early adopters in logistics, data management, finance, and retail sectors. For example, companies like Coles have partnered with Microsoft and RELEX to streamline grocery supply chains. Australian firms have also utilized AI in healthcare, with applications such as embryo selection for IVF and decision support systems for radiologists.

Accenture recently highlighted examples of AI implementation, including a food delivery service optimizing routes using deep learning, a telco using AI-driven virtual assistants for customer calls, and a solar-panel installer automating rooftop-installation plans. These cases demonstrate the practical applications of AI across industries.

The Australian has compiled a list of key players and emerging prospects in the Australian AI and machine learning space to watch closely.

Companies to watch – fivecast

Fivecast’s ability to filter the flood of online data and turn it into credible threat assessments for its customers in government and business has supercharged the company’s growth in recent years.

The Adelaide-based firm was spun out of a Cooperative Research Centre in 2017, growing to well over 100 staff now with offices around the globe including in Adelaide, Canberra, London and Arlington, Virginia – home to the US Department of Defence headquarters, the Pentagon.

The company’s AI tools enable it to monitor data sources such as social media, and derive conclusions from that data.

On the defence front, it recently did some work looking at Russian paramilitaries which were getting involved in the conflict in Ukraine.

“They’re posting images on social media platforms like VK, posing in front of buildings, with addresses on those buildings – that’s a great source of intel for our customers where they pinpoint that’s where the Russian paramilitary group is right now,’’ Chief executive Dr Brenton Cooper said earlier this year.

Fivecast raised almost $US20m in new capital in April led by US-based cybersecurity venture capital firm, Ten Eleven, along with the CSIRO’s Main Sequence fund and the SA Venture Capital Fund.

Read the full article in The Australian here.