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Renowned artificial intelligence expert Andrew Ng hopes to raise up to $150 million to fund more work in AI, according to documents filed this week with the U.S. Securities & Exchange Commission. The documents were first spotted by online private capital community site PE Hub. Given his track record, Ng should have no trouble finding funding for this white-hot tech area, which aims to make computers smarter. Ng is the former chief scientist at Chinese tech giant Baidu (bidu) and he helped build the Google Brain project with Jeff Dean. He also co-founded online education firm Coursera and is a professor at Stanford University, as noted by news site TechCrunch.
For more than 250 years the fundamental drivers of economic growth have been technological innovations. The most important of these are what economists call general-purpose technologies -- a category that includes the steam engine, electricity, and the internal combustion engine. The internal combustion engine, for example, gave rise to cars, trucks, airplanes, chain saws, and lawnmowers, along with big-box retailers, shopping centers, cross-docking warehouses, new supply chains, and, when you think about it, suburbs. Companies as diverse as Walmart, UPS, and Uber found ways to leverage the technology to create profitable new business models.
US semiconductor giant Intel has acquired Israeli startup Habana Labs, a developer of artificial intelligence processors, for $2 billion, the company announced on Monday. Founded in 2016, Habana Labs develops processor platforms that are optimized for training deep neural networks and for inference deployment in production environments. The company is headquartered in Tel Aviv and has offices in California, Poland, and China. Intel led a $75 million investment in Habana Labs in 2018. That year, Habana unveiled its Goya inference processor which it says is ideally suited for the most demanding AI applications in the industry, including private and cloud data centers, autonomous vehicles, factory and warehouse automation robots, and high-end drones.
Andrew Ng, one of the founders of Coursera, has set out to raise a $150 million fund – dubbed AI Fund – in order to invest in artificial intelligence startups. The news comes just a few months after he announced his own startup, deeplearning.ai. The fund's existence was revealed because of a filing with the US Securities and Exchange Commission (SEC). The document filed with the SEC was filed under Andrew Ng's name on 14 August. At the end of June, we reported that Ng had left the Chinese company, Baidu, where he was in charge of the AI team to form his new startup, deeplearning.ai.