Japan's industry ministry launches initiative to support AI projects between startups and big firms

The industry ministry has launched an initiative to support joint artificial intelligence projects between startups and large firms. Twenty projects have already been selected for financial assistance of up to ¥200 million. The ministry hopes that the support will lead to the creation of innovative business models that can be used worldwide. It chose the 20 projects from about 70 applications. The projects include collaboration between data analysis startup Grid Inc. and major plant engineering firm Chiyoda Corp. Grid and Chiyoda plan to jointly develop a system to enhance the operating efficiency of liquefied natural gas plants using deep learning, a technology in which AI obtains a vast amount of data and improves its performance on its own.