LLM in the Enterprise [H1 2024], Part 2: the Buy case
📊 Enterprises prefer in-house development of LLM solutions to control data and costs, with use cases in task automation, improved search, and content acceleration. However, few projects reach production due to high inference costs, talent shortages, and LLM limitations. Document processor Rossum, with $100M raised and ~$50M ARR, leverages LLMs for higher-value propositions. ABBYY reported a 60% YoY revenue growth and 100% new ARR growth in 2024. ServiceNow, post ElementAI acquisition, grew from $4B to $10B ARR and 25% YoY in 2024, launching "Now Assist" chatbot in Nov 2023. Salesforce's Einstein Copilot and Microsoft's Office 360 Copilot show mixed market feedback. H., founded by Google Research/Deepmind founders, raised a $200M round led by Accel and partners with UiPath for LLM-based RPA. Despite advancements, the Enterprise LLM space is still in an early, pilot phase. ๐ซ๐ท CARTE represents a novel approach to pre-training neural networks with tabular data.
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