State Farm Ventures

Will Small Language Models (SLMs) become more popular than Large Language Models (LLMs)? As @StateFarm continues to explore AI, machine learning, and advances in future tech, we’re also experimenting with language models and use cases. While deep-learning LLMs are trained on infinite amounts of data and can perform an array of tasks, SLMs are trained for very specialized functions. This shift in training from expansive to specific appears to create multiple advantages such as a reduction in cost and difficulty to train, deploy, and maintain as well as abilities to be more adaptable to specialized uses cases and function with faster inferencing. SLMs may be the future. Whether it's understanding advancements in language models and uses or ideating new ways to increase value for customers, State Farm is on a mission to explore, develop, and engage in innovative solutions now and for the future. Reach out to us at ventures.statefarm.com to learn more about opportunities to collaborate and innovate with State Farm.

How might AI evolve to provide personal assistance in the future? Today, AI can be found in everything from smart phones to appliances to digital assistants inside homes and cars. Soon, AI assistive devices may be found in much smaller, more convenient applications. The combination of AI with machine listening, computer vision, and other advanced tech into much smaller, wearable, travel-sized packages – including glasses, pins, clips, and earbuds – may help people of all abilities navigate and interact seamlessly on the go, finding answers for every need. Whether it's understanding advancements in AI-enabled devices or ideating new ways to increase value for customers, State Farm is on a mission to explore, develop, and engage in innovative solutions now and for the future. Reach out to us at ventures.statefarm.com to learn more about opportunities to collaborate and innovate with State Farm.

Employee Spotlight: Ventures Scouting Analyst Cheryl Poccia. Cheryl became a member of the Ventures Innovation Scouting and Trends Team in September 2024. In this role, she identifies emerging technology trends, analyzes startups, and identifies strategic investment opportunities. With a focus on sustainability and innovation in the insurance industry, Cheryl offers valuable insights into both current and future developments. Before joining State Farm, she developed her expertise in entrepreneurship, investment strategies, and sustainability studies, gaining experience across various industries. This diverse background gives Cheryl a unique perspective in her current position. Outside of work, you can find her running 5Ks, enjoying the outdoors with her family, and exploring New York City.

Team spotlight on Tim Spader: Tim joined the Ventures scouting analyst team in February 2023. He reports on emerging technology trends, curates market intelligence on startups, and identifies strategic investment opportunities for consideration. Tim's interests in automotive research contributes to our understanding of software-defined vehicles, autonomous mobility, advanced risk assessment tools and informs the organization’s strategic direction on the topic. Prior to joining the team, he spent nearly two decades evaluating new tools and technologies for claims and evaluating potential vendor capabilities. Tim hails from Harrisburg, Pennsylvania and is a huge supporter of the University of Pittsburgh.

As we continue to feature team members who have joined the Ventures team over the past few months, we’re proud to spotlight Ventures Analyst Kyle Wallace. Kyle joined the team in 2023 with a background in corporate finance and investments. He holds the CPA (Accounting) and CFA (Finance) designations in addition to an undergraduate degree from the University of Illinois. He is responsible for investment due diligence, investment committee reporting and building bridges between startups and internal business stakeholders. Kyle blends curiosity and passion for the State Farm mission, and analytical rigor into a thoughtful approach toward corporate venture capital.

Over the next several months, we will be highlighting the work being done by some of our portfolio companies – specifically focusing on each company’s founder. We’ll kick things off today with a feature on Brad Weisberg, the founder & CEO of Snapsheet.  https://lnkd.in/gPRVFkH9

Calling all early-stage startups:    There is less than a month to apply for the State Farm Startup Pitch Competition, happening at ITC Vegas October 15, 3-5pm. Apply by August 5th for your chance to showcase your innovative solutions.  State Farm representative, Marcus Rohlfs, shares his thoughts on the fan-favorite Startup Pitch Competition which takes place exclusively at ITC Vegas, and why YOU need to be there.  Apply today to get noticed, gain funding, and attract your next partners.  Apply by August 5: https://ow.ly/kaLa50SyIAb #ITCVegas #insurtech #insurance #insuranceinnovation #becauseofITC 

How might technology help enterprises navigate the exponential growth of data? As we continue to adapt in the digital age, we’re constantly looking for ways to improve our data security, governance, and enablement. Generative AI data fabric is one emerging technology we’re exploring. This technology enables enterprises to centralize, manage, and discover their data more simply and securely. This innovation could enable employees to access key insights and business intelligence more efficiently, increasing knowledge and productivity at scale. Whether it's finding new ways to securely manage data or ideating new ways to increase value for customers, State Farm is on a mission to explore, develop, and engage in innovative solutions now and for the future. Reach out to ventures.statefarm.com or visit State Farm Ventures to learn more about opportunities to collaborate and innovate.

Attention Startups!