Photo of Bloomberg co-founders.
The world is alight with stories of how LLM’s - primarily Anthropic - could eat the lunch of enterprise software, and data and analytics firms. The leaps being made by Anthropic are real and last week the noise got louder as it released new plug-ins for verticals include legal and data.
On the other side data vendors do have a lot of proprietary data, industry vertical specific knowledge and workflow tools. But there is a lot of non proprietary data too. And this is not just about financial data vendors like Factset. The share prices of business services data giants like RELX, Thomson Reuters and Wolters Kluwer have got crushed.
A fund raising announcement this week also caught my eye and that was Harvey AI - a specialist AI firm working with law firms - had raised $200m at a $11bn valuation. Harvey AI sits on top of the big LLMs but fine-tunes models using the proprietary legal data of its law firm clients, as well as leveraging external legal databases. …
