The authors are both co-founders of Lapis AI Studio, a company specialising in the field of applied artificial intelligence in asset management. Their expertise harnesses the power of AI and intelligent agents to tackle complex business challenges. Both are current doctoral students at King’s College London and University College London, with specialties in applied artificial intelligence.
In recent months, the applications of artificial intelligence have advanced at an extraordinary pace, ushering in a period of rapid innovation and transformation. Few industries have experienced such a profound evolution, and within this fast-moving landscape, Lapis AI Studio is making a name for itself as a thoughtful contributor. Focused on how AI and intelligent agents can be applied to solve complex business challenges, the company is taking a deliberate approach that sets it apart from the more sensational trends of the industry.
Both of us are deeply committed to advancing AI and Lapis AI Studio has gradually attracted attention for its innovative yet grounded perspective. We are inspired by the idea that technology should enhance human capabilities rather than replace them. Our work is built around the principle of keeping humans in the loop, maintaining human oversight to ensure both control and safety as AI becomes more integrated into business operations.
This human-centric approach reflects our belief that intelligent agents should support decision-making while safeguarding the reliability and ethical use of AI. Lapis AI Studio’s solutions prioritise efficiency and growth, while also focusing on maintaining a responsible and safe balance between technology and human input.
In this article, we’ll explore the current AI landscape, with a particular focus on how intelligent agents are transforming modern business—guided by the principles of control, safety, and collaboration between humans and machines.
Written by: Pietro Arina and Davide Ferrari
Nobel Recognition for Artificial Intelligence
In recent weeks, the world of artificial intelligence has witnessed groundbreaking recognition, with two Nobel Prizes awarded for significant advancements in physics and chemistry, both relevant to the field of AI. These accolades underscore the vital role AI plays in scientific discovery and innovation, but also how it could shape our future in research and business.
Over the past years, AI has become one of the most widely discussed topics in technology and beyond. Its appeal lies in its seemingly magical capabilities—people are captivated by the idea that "everything can be done with AI." However, while the potential of AI is vast, it's crucial to recognise that we are only at the beginning of its journey. This situation parallels past technological revolutions, such as the advent of the steam engine or the emergence of the Web, which fundamentally transformed their respective industries.
The Current Landscape of AI
Let's focus on the present moment by examining the recent Nobel Prize in Chemistry awarded to Dr Demis Hassabis, Dr John Jumper, and their team at DeepMind for their development of AlphaFold. This remarkable advancement has revolutionised our understanding of protein structures, which are fundamental components of our biochemical makeup. With AlphaFold, scientists can predict protein folding with unprecedented accuracy, leading to significant implications for drug discovery, disease understanding, and biological research.
Source: DeepMind
The success of AlphaFold exemplifies a broader trend in AI research: the fusion of domain-specific knowledge with advanced machine learning techniques. This approach has proven particularly fruitful in scientific applications, where AI can process vast amounts of data and identify patterns that might elude human researchers. As AI continues to make inroads in various scientific disciplines, from physics to biology, we're witnessing a paradigm shift in how research is conducted and how discoveries are made.
It's important to recognise that the breakthroughs we're witnessing today are built upon a foundation of research and applications developed over a decade ago. The deep learning algorithms powering AlphaFold and other cutting-edge AI systems have their roots in neural network research from the 1980s and 1990s. The current explosion of AI capabilities is the result of years of incremental progress, combined with increases in computational power and data availability. This historical perspective reminds us that today's innovations are often the fruit of yesterday's persistent efforts and visionary thinking.
As we marvel at these achievements, it's important to note that the landscape of AI is continually evolving. The rise of generative AI and new large language models (LLMs) has further transformed our interactions with technology, enabling creative and practical applications that were once thought to be purely speculative. From generating human-like text and creating art to assisting in programming code writing and data analysis, these AI models are pushing the boundaries of what's possible in various fields. This rapid pace of innovation suggests that the AI breakthroughs of the next decade may be just as transformative as those we're experiencing today.
Looking at the current investments landscape, in Q1 2024, global venture capital investment in Generative AI reached $3 billion, with forecasts suggesting it could hit $12 billion by year-end. In 2023, total investments amounted to $21.3 billion, driven largely by major deals such as OpenAI-Microsoft ($10 billion), Anthropic-Amazon ($4 billion), and Inflection-Microsoft ($1.3 billion). In Q2 2024, VC-backed companies raised $42.9 billion, a 29% increase from Q1’s $33.3 billion, with AI-related companies accounting for 37% of total VC, more than doubling from the previous quarter. Despite AI's dominance, overall deal count decreased as investors remained selective, reflecting a more cautious approach in a slower venture environment. While North America leads in AI investments, opportunities for Ireland and Europe in this expanding sector are significant. In 2024, healthcare and technology sectors led IPO activity in terms of the number of listings. However, a critical question emerges: Are the current advancements in generative AI and large language models sufficient to propel us into the next era of AI innovation, or do we need a fundamentally new paradigm to achieve the next quantum leap in artificial intelligence?
Source: EY
Harnessing the Power of AI Agents
One of the most significant factors shaping how AI will influence business, and the world, is the implementation of agents in the loop. These agents are specialised software systems designed to perform tasks autonomously, enhancing the capabilities of AI by leveraging its computational power and data processing abilities. The history of AI agents dates back to early artificial intelligence research, where simple rule-based systems evolved into more sophisticated models capable of learning and adapting.
AI agents have the potential to unlock new dimensions of productivity and creativity, allowing humans to elevate their capabilities in various fields. They can automate complex processes, assist in decision-making, and provide insights that were previously unattainable. For instance, in healthcare, AI agents can analyse vast amounts of medical data to assist in diagnosis and treatment planning. In finance, they can process market trends and make real-time investment
recommendations.
The key to maximising the benefits of AI agents lies in understanding how to deploy them effectively and ethically.
This includes:
Defining clear objectives and constraints for AI agents
Ensuring transparency in their decision-making processes
Implementing robust security measures to protect against misuse
Continuously monitoring and refining their performance
Source: LangChain
Venture capital firms are actively seeking investment opportunities in the rapidly evolving field of multi-agent systems. Despite its nascent status, several startups have successfully raised over $100 million each, highlighting strong confidence in the potential of this technology and the growing interest from investors.
Here, you can find the table of agent systems updated to may 2024 (but we can use a newer one)
A Future Full of Possibilities: AI's Impact on Business
As AI continues to advance at a rapid pace, its potential to revolutionise industries and shape our daily lives is becoming increasingly evident. From healthcare to finance, AI is already making significant strides, and its future applications are boundless.
Healthcare: One of the most promising areas for AI is healthcare. For example, AI-powered diagnostic tools can analyse medical images with greater accuracy than human experts, leading to earlier detection and more effective treatments. Companies like IBM Watson Health are developing AI solutions to improve patient outcomes and reduce healthcare costs.
Finance: AI is also transforming the financial industry. AI-driven algorithms can analyse vast datasets to identify investment opportunities, detect fraud, and provide personalised financial advice. Companies like Lapis AI Studio are focused on streamlining repetitive tasks that add to the workload of financial professionals, allowing them to concentrate on more strategic activities. By leveraging AI, firms can enhance efficiency and improve service delivery in the financial sector.
Manufacturing: AI is streamlining manufacturing processes through automation and predictive maintenance. For instance, AI-enabled robots can perform tasks with greater precision and efficiency, reducing production time and costs. Companies like Tesla and General Motors are investing heavily in AI to automate their manufacturing facilities.
Customer Service: AI-powered chatbots and virtual assistants are improving customer experiences by providing instant support and personalised recommendations. Companies like Amazon and Bank of America are using AI to enhance their customer service offerings.
Beyond these industries, AI is also poised to disrupt fields such as transportation, agriculture, and education. As AI technology continues to evolve, it is essential for businesses to adapt and embrace its potential to drive innovation and create new opportunities.
The recognition of AI’s contributions in the recent Nobel Prizes underscores its growing significance in science and technology, marking the dawn of a new era. As we embrace this transformative period, it becomes vital to ensure that AI is harnessed responsibly, not as a force to replace human potential, but as a powerful tool to amplify it.
This responsible development can be achieved by adopting an approach that keeps humans in the loop—ensuring human oversight and judgement at every critical stage of AI implementation. By coupling this with the capabilities of intelligent agents, we can expand the scope of AI’s potential while maintaining control over its influence. Intelligent agents, guided by human insight, offer a way to enhance decision-making, streamline processes, and manage complex tasks without compromising ethical standards or safety.
As AI continues to evolve, fostering collaboration between researchers, ethicists, policymakers, and the public will be key to ensuring that AI’s advancements are in service of humanity. By keeping humans at the centre, amplified by the precision and efficiency of agents, we can strike the necessary balance between innovation and responsibility. This approach will allow us to address potential challenges and ethical concerns while steering the future of AI toward the greater good of society.
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