Has artificial intelligence (AI) really gone sentient? This has been the buzzing trend of the technology industry, ever since Google engineer claimed an unreleased AI system had become sentient. Blake Lemoine, a software engineer for Google, claimed that a conversation technology – Language Model for Dialogue Applications (LaMDA), a family of conversational neural language models developed by Google, had reached a level of consciousness after exchanging thousands of messages with it. Since then, The Week's research team has noticed that venture capital (VC) funds from across the world are taking special interest with strategic investments into the AI industry. Today, here at The Week, we caught wind of a substantial undisclosed amount by notable blockchain industry venture capital fund ' The Bitcoin Man ', into Solidus AI Tech (AI-Tech.io),
Early in the pandemic, as many enterprises looked to digitally transform their operations, marketing and merchandising departments turned to AI to automate the increasing workloads. According to Salesforce, marketers' use of AI soared between 2018 and 2020, jumping from 29% in 2018 to 84% in 2020. A separate survey from ManageEngine -- the IT division of Zoho -- found that analytics for marketing, driven by automation and AI, experienced a 44% adoption surge in over the past two years. Retail and consumer products executives, responding to a recent IBM survey, said that they believe that intelligent automation capabilities could help increase annual revenue growth by up to 10%. Adopters in marketing cite benefits like accelerating revenue as well as getting actionable insights from marketing data.
The United States Securities and Exchange Commission (SEC) signed a deal with blockchain analytics firm AnChain.AI to help its efforts in monitoring the decentralized finance (DeFi) space. What Happened: According to a Forbes report, AnChain.AI CEO and Co-Founder Victor Fang explained that the collaboration started because "the SEC is very keen on understanding what is happening in the world of smart contract-based digital assets," and the firm can help with that. The company's service focuses on tracking illicit activity across crypto exchanges, DeFi protocols, and traditional financial institutions. The contract between the blockchain analysis firm and the SEC started in May and probably played a role in AnChain.AI securing a $10 million Series A round led by Susquehanna Group affiliate SIG Asia Investments LLP. Why It Matters: The regulator is seemingly leveraging the contractor to monitor the DeFi ecosystem more closely, as expected after recent remarks by SEC Chairman Gary Gensler.
This Week Top Automation Articles highlights the potential of a low-code/no-code platform in Business and why Kate Crawford, writing in his book that technology experts are misunderstanding the concept of Artificial Intelligence. The introduction of the new Apple card family is really an exciting thing and why big brands like Gucci are not realizing the worth of Cryptocurrency. There is much more to explore. Let's dive into the Automation World! The potential for low-code/no-code platforms is enormous.
We sat down with Spiros Margaris, Venture Capitalist at Margaris Ventures and AI Influencer to discuss the state of VC funding of AI and Fintech startups and how crazy thoughts could be the start of an AI business. I have spent most of my professional career in the hedge fund and startup world. I also founded my own startups in New York during the dotcom era, so I know what it means when things don't go as planned, and what it can mean personally, with all the bitter consequences. I have been primarily involved in the fintech, insurtech and AI space as an investor and advisor through my firm Margaris Ventures. I have been a keynote speaker at major technology and banking events, where I have been fortunate to meet very interesting people and exchange thoughts and ideas.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email firstname.lastname@example.org. Please tell us what format you need. It will help us if you say what assistive technology you use. The UK's Department for International Trade (DIT) is pleased to announce 12 high-growth Canadian FinTech companies from across 5 major Canadian cities chosen to participate in a trade mission to the UK – 21- 25 October 2019. These leading companies have collectively raised over half a billion in venture capital and are well positioned for global expansion.
The Canadian city of Toronto is a thriving hub of start-up activity in areas ranging from next-generation marketing to AI, fintech and more. As one of the biggest cities in Canada and the capital of the province of Ontario, Toronto is in many respects Canada's start-up capital. The city's tech scene is booming. According to Toronto Global, the city and its surrounding region generated more tech jobs in the previous year than New York City or the San Francisco Bay Area combined. Google has invested $5m in the Vector Institute to make Toronto one of the foremost global players in the AI space.
These venture bets on startups that "returned the fund," making firms and careers, were the result of research, strong convictions, and patient follow-through. Here are the stories behind the biggest VC home runs of all time. In venture capital, returns follow the Pareto principle -- 80% of the wins come from 20% of the deals. Great venture capitalists invest knowing they're going to take a lot of losses in order to hit those wins. Chris Dixon of top venture firm Andreessen Horowitz has referred to this as the "Babe Ruth effect," in reference to the legendary 1920s-era baseball player. Babe Ruth would strike out a lot, but also made slugging records. Likewise, VCs swing hard, and occasionally hit a home run. Those wins often make up for all the losses and then some -- they "return the fund." "If you do the math around our goal of returning the fund with our high impact companies, you will notice that we need these companies to exit at a billion dollars or more," he wrote.
These include H20.ai - an open source machine learning One; Active.ai - a conversational AI platform used by over five large Ms. Patwardhan shared her perspective from her past experiences in Facial recognition is the face of future for video banking. Not in the database yet was the verdict! Ms. Patwardhan highlighted that biometrics and digital identity can "One rolls its eyes cutely while greeting customers and the other "Has anyone watched Black Mirror?" she asked. "AI will continue to grow and have many positive
Crunchbase News has covered the U.S. FinTech space a great deal since the start of the quarter. From looking at FinTech's early-stage stars of 2017 and 2018 to NYC's growing fintech scene, to traveling down south to Atlanta, which has a FinTech startup scene of its own. To get a hold on the space in Q1 2018, we take a look at venture dollar invested into U.S.-based FinTech startups quarter by quarter since 2016. Crunchbase News's definition of FinTech encompasses a broad range of startups that leverage deep learning technology and big data in order to streamline tax processes, make paying friends easier, and provide better insurance options.1 Since 2016, more than $15.6 billion has been invested in seed, early, and late-stage U.S.-based FinTech startups. Total dollar volume saw an increase of 25 percent year over year from 2016 to 2017.