Goldman Sachs Spun Off Louisa – its Internal AI-Powered Social Media Platform

When we think of Goldman Sachs, AI wouldn’t be the first thing that might come to our mind. However, the Wall Street biggie created Louisa an AI-powered social media platform for corporate use.

Louisa emerged from Goldman’s incubator program which was floated by the company’s CEO David Solomon and encouraged employees to pitch startup ideas which can then be developed internally.

Goldman Sachs has now spun off Louisa and made it an independent company. Rohan Doctor, who’s the founder and CEO of Louisa is upbeat on the company’s prospects as an independent entity.

In an interview, he said, “Think of Louisa as an A.I.-powered LinkedIn on steroids.”

Doctor added, “We have smart profiles and a smart network, and Louisa reads millions of articles a week from 250 providers and begins connecting people” based on possible deals gleaned from news.”

Doctor said that while companies like Goldman Sachs can benefit immensely through shared knowledge and contacts of their employees – its not possible for employees to know every other employee in the company.

According to Doctor, “This is costing companies billions of dollars in terms of missed opportunities, disconnected colleagues and fractured client experiences.”

While Goldman Sachs said that Louisa has 20,000 monthly active users – it did not divulge much about the company’s finances including on how much money it spent to build the platform.

Goldman Sachs Spins Off Its AI-Powered Social Media Platform

AI has been making waves across multiple industries. Since Louisa is now an independent company, Doctor is pursuing new clients and it has already signed up a commercial bank and a venture capital fund for the platform.

An increasing number of tech companies have announced AI forays and at its annual Think conference earlier this week, IBM unveiled a new AI and data platform called Watsonx for enterprise customers.

The company sees AI and cloud as its key growth drivers and has been taking steps to grow these businesses.

• Read our guide on the best AI stocks

Meanwhile, Doctor believes that generative AI and hybrid/remote work are two key enablers for Louisa.

Doctor Sees a Massive Opportunity for Louisa

While admitting that OpenAI has done a “phenomenal” job, Doctor added, “We can use it to sort of map out what’s in people’s minds and how they want to describe themselves in seconds.”

Notably, AI is perhaps the hottest investment theme currently even as companies have scaled back their bets elsewhere.

Microsoft, among the investors of ChatGPT’s parent company OpenAI, has invested an undisclosed amount of money in Builder.ai – an AI startup that helps those without coding languages build applications.

Meanwhile, regulators are also scrambling to understand the risks and opportunities associated with AI.

Altman would testify before the Senate Judiciary subcommittee on privacy, technology, and the law on Tuesday in a hearing that’s titled – “Oversight of AI: Rules for Artificial Intelligence.”

The testimony was preceded by a meeting between US Vice President Kamala Harris and CEOs of OpenAI, Anthropic, Microsoft, and Alphabet.

Related stock news and analysis

• EU Moves Closer to AI Act After Lawmakers Back Tough Amendments
• Best AI Crypto Tokens & Projects to Invest in 2023
• How to Invest $2,000 Online – Best $2k Investments Revealed