By David Willey, Benzinga
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ChatGPT has shown the potential changes that generative artificial intelligence can bring to the market. Amesite Inc. (NASDAQ: AMST), a Detroit-based AI software company, has set out the progress it has made in integrating generative AI into its platform.
The release of ChatGPT showcased the capabilities and potential of generative AI, which is able to produce increasingly sophisticated original content. The Everything as a Service (XaaS) market, which includes products like generative AI, is predicted to reach $1.2 trillion by 2031 growing at a compound annual growth rate of 23.4% between 2021 and 2031, according to a study from Spherical Insights & Consulting. Unsurprisingly, investing in AI capabilities remains a top priority for businesses as they look for new ways to harness innovations in AI technology. For companies like Amestie that also have exposure to the e-learning market, there could be additonal opportunities to merge growth in both, with the overall global e-learning market projected to climb to nearly $1 trillion by 2028.
A lot of uncertainty remains, however, around strategies for systematically integrating generative AI and systems like ChatGPT’s language model, GPT-3. The education sector in particular has shown an unwillingness to adopt the technology, with at least one school district blocking the program’s website, and universities holding internal meetings to discuss how to control the impact of ChatGPT.
Amesite, on the other hand, has always had an AI-first strategy. Founded in 2018 to provide a platform and content for the best upskilling and e-learning opportunities, Amesite’s approach has allowed the platform to quickly pivot to integrate the latest AI technology into its system.
Amesite Shareholder Presentation
Amesite Chief Executive Officer (CEO) Anne Marie Sastry recently shared an update for shareholders over a call. In it, she discussed the company’s financial position, as well as the steps the company has taken to integrate GPT-3 into its platform and business model.
Sastry reported that Amesite has had an increase in both its revenue and sales pipeline over the past four quarters and that the company has seen an overall increase in operational efficiency in the same time period. She identified the integration of generative AI into the coding and business operations as a key factor in driving the efficiency and outreach gains made by the company.
Sastry made a series of Amesite stock purchases in February and March 2023, buying a total of 6,000 shares of common stock in the company for a purchase price of $16,800. This means Sastry, who has never sold any of her common stock shares in Amesite, now owns over 531,000 shares. This kind of insider buying, where a CEO purchases company stock, generally indicates optimism by company executives about the future growth and stock value of a company.
Leveraging AI Developments
Sastry commented during the shareholder update on how Amesite is keeping up with the fast-paced developments in the AI industry. As part of its generative AI offerings, Amesite launched new learning and creative assistants that help course designers create content for the platform. It also released a publicly available course on the fundamentals of using ChatGPT. According to Sastry’s presentation, the announcement of Amesite’s ChatGPT content resulted in a five times increase in site traffic.
Amesite continues to host eLearning and upskilling programs that have a 99% learner retention rate for businesses, non-profits, and institutes of higher education. Amesite recently announced a pilot program in partnership with Benedict College, as part of the company’s alliance with the National Association for Equal Opportunity in Higher Education (NAFEO). The Benedict College Pilot is an upskilling program that gives students the skills to thrive in a tech-driven economy.
"Benedict’s commitment to their students is admirable, and Amesite is proud to be able to provide them with a scalable online infrastructure and technology upskilling content to enable them to deliver this learning with excellence. This pilot is another example of how we can deliver much-needed upskilling campus-wide, very efficiently," said Dr. Ann Marie Sastry, Founder and CEO of Amesite.
Other companies in the online learning space include Coursera Inc. (NYSE: COUR), 2U (NASDAQ: TWOU) and Powerschool Holdings Inc. (NYSE: PWSC).
Interested in learning more about Amesite? Visit its website.
This article was originally published on Benzinga here.
Amesite Inc., an artificial intelligence driven platform and course designer, provides online products in the United States. The company uses machine learning to offer a mass customized experience to learners. Its customers include businesses, universities and colleges, K-12 schools, and non-profit organizations. The company was incorporated in 2017 and is headquartered in Detroit, Michigan.
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