Goldman Sachs enters tech race with AI-powered social media platform
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Goldman Sachs broke into the tech industry Monday, unveiling a new AI-powered social media platform focused on competing with networking platforms like LinkedIn.
Sachs has used the program – named Louisa – internally for more than two years. The system used artificial intelligence to inspect a company's employee database and recommend professional connections to those who are likely to benefit from working together.
"Think of Louisa as an A.I.-powered LinkedIn on steroids," Rohan Doctor, Louisa's CEO and founder, said in an announcement. "We have smart profiles and a smart network, and Louisa reads millions of articles a week from 250 providers and begins connecting people."
Doctor argues that companies lose out on billions of dollars every year in missed opportunities simply because their employees are limited by their networks.
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Goldman Sachs is weighing into the tech race with a new AI-powered social media platform focused on making corporate connections. (Thiago Prudencio/SOPA Images/LightRocket via Getty Images / Getty Images)
Doctor had the idea for the platform after landing a major deal between Sachs and an insurance company. He stated that the origin of the deal was largely "dumb luck."
"The real answer was serendipity, happenstance," he said, according to CNBC. "It was dumb luck that me and another guy got thirsty at the same time, go to a [bar] in London and start exchanging information."
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Artificial intelligence is widely expected to revolutionize the corporate world. (iStock / iStock)
Doctor says his company is currently working only with Sachs and a handful of other companies before expanding to a wider audience. The platform currently has some 25,000 monthly active users.
CEO David Solomon speaks during the Investor Day at Goldman Sachs headquarters in New York City. (Reuters/Brendan McDermid / Reuters Photos)
He went on to argue that an AI-powered social platform is a solution for workforces that have been fractured by remote and hybrid work.
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"The way it used to be done if you had a question, you’d lean back on a crowded trading floor and ask around," he said, according to CNBC. "Hybrid is here to stay, even at places that don’t want it, and asking around no longer works."