Recently founded NXAI set to promote leading European AI research and develop innovative AI solutions for the international market, starting with a new European LLM technology, xLSTM.
A new hub for Artificial Intelligence (AI) research and product development has been launched in the heart of Europe, laying the foundation for European AI applications on a competitive, global level.
NXAI GmbH was founded in December 2023 by AI researcher Sepp Hochreiter, company builder Netural X GmbH and PIERER Digital Holding, in close collaboration with the Johannes Kepler University (JKU) in Linz and its leading research centre LIT AI Lab at the Linz Institute of Technology. NXAI will forge ahead with cutting-edge technological research into Large Language Models (LLMs), particularly the xLSTM algorithm developed by Hochreiter.
Initial results show that xLSTM works more efficiently (with less computing capacity), faster and, above all, with higher accuracy rates than previous LLMs. In particular, xLSTM understands the semantics of texts better than previous LLMs and can understand and generate complicated texts. In addition, NXAI will be researching world-class algorithmic methods in the field of deep learning, for example to accelerate simulations of complex dynamic systems.
Setting a new standard in AI language processing
AI mastermind Sepp Hochreiter laid the foundations back in 1991 and invented LSTM (Long Short Term Memory) technology. In doing so, he paved the way for AI as we see it today. The technology was the leading method in speech processing and text analysis until 2017 and has been used billions of times in smartphones to date. In 2023, Hochreiter achieved another breakthrough with xLSTM.
Current LLMs are based on so-called transformer models. These require very high computing power during operation for long texts. The transformer calculations therefore increase quadratically with the length of the text. In contrast, the xLSTM calculations only increase linearly with the length of the text and require less computing power during operation. This is a great advantage, as complex tasks require more text for both the task description and the solution. Fortunately, xLSTM makes industrial applications possible for which transformer models are too slow. Like transformer models, xLSTM has a phonetic memory. However, the algorithm is equipped with an additional component that leads to a greater similarity with human verbal working memory, making the xLSTM algorithm much more powerful.
With its increased efficiency and performance in processing texts, xLSTM technology will set a new standard in AI language processing.
NXAI as the growth engine of the LLM revolution
The research agreement between JKU and NXAI will bring previous findings related to xLSTM to market maturity. The aim of NXAI is to bring science and business closer together to ensure the successful technology transfer of AI solutions.
In addition to research activities, NXAI will bring together top researchers, entrepreneurs and industry experts. Although the research is independent and self-determined, selected industry partners will work closely with NXAI and researchers to efficiently transfer the potential of future AI development into practice. Initially, funding has been secured by PIERER Digital Holding as a co-shareholder of NXAI.
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Albert Ortig, CEO of NXAI and Netural X, explains: “The majority of current developments come from the USA and Asia. However, Europe is home to cutting-edge technology and researchers that have laid the foundations for this new development and were the corresponding growth drivers for these markets. The challenge now is to bring the spirit of innovation back into the European economy and to tackle real challenges with AI together. This is exactly what NXAI aims to do.”
Sepp Hochreiter, recipient of the German AI Research Prize last year, explains: “With xLSTM, we have the opportunity to revolutionise AI technology from the heart of Europe and break the dominance of transformer models. We want to seize this opportunity and I am very pleased about this collaboration between the JKU and NXAI. Through NXAI, we are receiving initial seed funding that will be used for computing capacity, which will further develop, test and, above all, scale up xLSTM.”Stefan Koch, rector of the JKU, reiterates the importance of JKU’s AI research through this collaboration: “AI is not just a new technology, but a revolution that has already begun. Sepp Hochreiter is one of the world’s leading minds in this field and together with JKU have the opportunity to shape the future of AI technology with xLSTM.”
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