Essential AI reveals funding, development of full-stack AI automation tools.

Stealth startup Essential AI, founded by developers of Google's Transformer technology, has secured $56.5 million in funding from tech heavyweights AMD, Google, and Nvidia. The company aims to develop AI-based tools that optimize business processes. Essential AI plans to use the funding to develop full-stack AI products that automate time-consuming and monotonous workflows, increasing productivity. The founders of Essential AI, Ashish Vaswani and Niki Parmar, previously worked at Google Brain and were involved in another AI startup called Adept. The increasing investment in generative AI products reflects the belief that AI technology can reduce costs and meet customer demands for AI features. [Extracted from the article]