LA Tech Week 2024: Agentic AI Fireside Event Hosted by Untapped Ventures, USC Marshall, and USC Viterbi
Uniting Visionaries, Investors, and Innovators in Agentic and Vertical AI
On October 15th, Untapped Ventures, in partnership with USC Lloyd Greif Center for Entrepreneurship Studies, USC’s Office of Technology Innovation and Entrepreneurship at Viterbi, and AI LA, hosted a groundbreaking event during LA Tech Week: Agentic & Vertical AI - VC Fireside Chat + Networking. This exclusive gathering brought together over 600 of the brightest minds in the AI industry, from innovative founders to seasoned venture capitalists, all focused on the transformative potential of Agentic AI.
As a leading early-stage VC firm based in LA, Untapped Ventures is at the forefront of the AI revolution, with a focus on investing in agentic and vertical AI companies that enhance human well-being. Following our recent investment in ScienceIO, which marked the largest M&A deal of Q1 2024, we're building on this momentum by inviting some of the brightest minds in agentic AI to discuss the industry's top issues, trends, and opportunities.
Check out our sizzle reel below to catch the energy and excitement from this unforgettable event!
Understanding the Role and Impact of Agentic AI
Agentic AI represents the next frontier in artificial intelligence. It refers to AI systems capable of autonomous decision-making and task execution. Unlike traditional AI that simply responds to specific inputs, Agentic AI can connect and interact with other systems, perform multi-step tasks, and take actions based on complex goals and plans.
These advanced AI agents are capable of understanding natural language, operating in real-time, and automating complex workflows. Agentic AI promises to revolutionize industries by tackling complex tasks that traditionally required significant human oversight.
The Booming Market for Agentic AI
The market potential for Agentic AI is staggering. One estimation predicts that the global autonomous AI and autonomous agents market will grow from USD 4.8 billion in 2023 to USD 28.5 billion by 2028, at a CAGR of 43.0%. This rapid growth reflects the increasing demand for intelligent, autonomous systems across various industries.
Moreover, Gartner predicts that by 2028, one-third of interactions with generative AI services will use action models and autonomous agents for task completion. This forecast underscores the transformative impact Agentic AI is expected to have on how we interact with technology and conduct business.
Insights from the VC Panel
Our distinguished VC panel, featuring Hari Arul (Khosla Ventures), Nicole Toussaint (TenOneTen), Yipeng Zhao (Embark Ventures), and James Shecter (Fika Ventures), shared valuable insights on the future of Agentic AI investment.
Key takeaways from the VC Panel included:
Investment Criteria: VCs are looking beyond just technological prowess. They're seeking founders who understand the practical applications of Agentic AI in solving real-world problems.
Vertical vs. Horizontal AI: The panel discussed the ongoing debate between vertical (industry-specific) and horizontal (general-purpose) AI approaches. The consensus was that both have their merits, but successful companies will likely blend elements of both.
Challenges in AI Adoption: Human oversight remains crucial in deploying Agentic AI systems. Building trust and ensuring transparency in AI decision-making processes are key challenges that startups need to address.
Market Opportunities: The panel highlighted customer service, healthcare, and finance as sectors ripe for Agentic AI innovation. They emphasized the potential for AI agents to automate complex, multi-step tasks in these industries.
Founder Perspectives
The founder panel, featuring Jacky Wong (Nullify), Joe Stolte (Daily.ai), and Aria Attar (TensorStax), provided invaluable insights from the trenches of Agentic AI development.
The founders shared valuable practical advice and real-world experiences, energizing a room filled with everyone from first-time entrepreneurs to seasoned VC partners.
Key points included:
Building Effective Agents: The founders shared their approaches to creating AI agents capable of handling complex tasks. They emphasized the importance of robust testing and iterative development.
Scaling Challenges: As Agentic AI systems grow more complex, scaling becomes a significant challenge. The founders discussed strategies for managing this growth while maintaining performance and reliability.
User Adoption: Building user trust is crucial for widespread adoption of Agentic AI. The panel shared strategies for making AI decision-making processes more transparent and understandable to end-users.
Integration with Existing Systems: A major challenge in deploying Agentic AI is integrating it with existing business systems. The founders shared their experiences and best practices for smooth integration.
Key Takeaways for Early-Stage Founders: One of the most valuable parts of the panel was the advice shared with early-stage founders. The panel shared practical advice on launching, scaling, acquiring customers, and raising capital in the Agentic AI space. They outlined critical success factors, offering a clear roadmap for aspiring AI entrepreneurs.
Networking and Deal-Making
Following the panel sessions, there was dedicated time for networking among the attendees. The room was filled with vibrant energy as founders interacted with VCs, exchanged innovative ideas with fellow entrepreneurs, and explored opportunities for collaboration. Several participants mentioned that they made important connections that may result in future investments or partnerships.
What's Next for Agentic AI?
As we look to the future, several key trends emerge:
Increased Autonomy: Agentic AI systems will become increasingly capable of handling complex, multi-step tasks with minimal human intervention.
Improved Natural Language Processing: As large language models continue to evolve, Agentic AI will become even more adept at understanding and generating natural language.
Cross-System Collaboration: We'll see more AI agents capable of working together, connecting and interacting with multiple systems to achieve complex goals.
Ethical Considerations: As AI becomes more autonomous, ethical considerations and responsible AI development will become increasingly important.
Industry-Specific Solutions: While general-purpose AI will continue to advance, we expect to see a proliferation of industry-specific Agentic AI solutions tailored to particular vertical markets.
The "Agentic & Vertical AI - VC Fireside Chat + Networking" event at LA Tech Week offered a glimpse into the exciting future of AI. As Agentic AI continues to evolve, it promises to transform industries, automate complex workflows, and change the way we interact with technology.
At Untapped Ventures, we're committed to being at the forefront of this AI revolution. We're not just investing in startups; we're investing in the future of human-AI collaboration. As we move forward, we'll continue to support innovative founders who are pushing the boundaries of what's possible with Agentic AI.
The insights and ideas generated by the incredible community at this event will undoubtedly accelerate the development and adoption of Agentic and Vertical AI. For those who missed it, stay tuned for future opportunities to connect with Untapped Ventures and the broader AI community.
As we approach an AI-driven future, one idea emerges: the companies and investors who grasp the potential of Agentic and Vertical AI will be the ones at the forefront of this movement. Agentic AI is set to revolutionize industries by automating complex workflows, improving customer service, and enabling AI to handle increasingly sophisticated tasks with minimal human input.
If you’re beefing up your investments in agentic or vertical AI and/or use of AI in your company and would like to chat, drop us a note at hello@untapped.ventures and we'll get right back to you!
If you’re a founder building in AI, we’d love to hear from you! Pitch us here.