Shukun Technology, a startup founded two years ago in Beijing that uses artificial intelligence to diagnose heart disease, is developing a technology that could help tackle one of China's most urgent medical problems: a shortage of doctors to treat a rapidly growing population of older, sicker people. Shukun uses software, a database of millions of images of healthy and diseased hearts and machine learning algorithms to make heart CT scans more accurate. The company hopes its product will help doctors diagnose a heart patient's condition and plan surgery faster than they can now. The company has raised $50 million from venture capitalists in mainland China and Hong Kong, including Morningside Venture Capital, Huagai Capital and China Creation Ventures.
China's 19-year-old Go player Ke Jie reacts during the second match against Google's artificial intelligence programme AlphaGo in Wuzhen, eastern China's Zhejiang province on May 25, 2017. Artificial intelligence is firmly embedded throughout the economy. Financial services firms use it to provide investment advice to customers, automakers are using it in vehicle autopilot systems, technology companies are using it to create virtual assistants like Alexa and Siri, and retailers are using artificial intelligence (AI) together with customers' prior sales histories, to predict potential purchases in the future, to name but a few examples. The potential of AI to boost economic growth has been discussed in numerous forums, including by Accenture, the Council on Foreign Relations, the McKinsey Global Institute, the World Economic Forum, and President Obama's Council of Economic Advisers, among others. The most dramatic advances in AI are coming from a data-intensive technique known as machine learning.
Blockchain may have been the obvious choice when one considers the subcategory of fintech that might gain traction this year, but we should have expected that the rise of a more reliable ledger system would pave the way to the rise of companies that would be able to utilise information gleaned from said ledger. Either through newly collected information or utilising data banks that have been sitting idly in data caches of various big corporations, artificial intelligence (AI) has risen and may pave the way for the future of fintech. McKinsey estimates that AI could potentially create between US$3.5 trillion and US$5.8 trillion in value annually across nine business functions in 19 industries. In Asia, Hong Kong's AI sector is getting a slice of a HK$50 billion of budget 2019, and the Monetary Authority of Singapore has a standing US$27 million AI grant named AIDA furthering the island nation's drive into artificial intelligence. With the world waking up to the scene, we have compiled a list of AI companies to watch that have a stake in fintech.
Kingsoft Corp. cloud's computing brand is the world's leading cloud computing service provider and China's Top 3 cloud computing company. Founded in 2012, it has established data centers and operations in Beijing, Shanghai, Chengdu, Guangzhou, Hong Kong and North America. At present, Kingsoft has reached a valuation of 2.373 billion US dollars, becoming the independent cloud service provider in China with the highest market capitalization. Kingsoft cloud products include cloud service solutions for side industries such as games, video, government, healthcare, and finance. Kingsoft has been conducting research and practical applications of artificial intelligence, launching the four layered IaaS, Paas, SaaS industry solutions, which are applicable to various combined AI solutions and services in various industries. In 2018, Kingsoft launched the blockchain ecosystem plan, "Project-X", making full use of the advantages of the cloud to promote the development and application of blockchain technology. Bottos is an infrastructure that focuses on artificial intelligence. It possesses both an underlying public chain designed specifically for data property and a data flow platform for the entire artificial intelligence and its derivatives. A consensus-based, scalable, easy-to-develop, and collaborative one-stop application platform for data, models, computing power and storage of multi layered shared services through data mining and smart contracts.
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