In next eight years, revenue from Artificial Intelligence (AI) market will grow 25-fold to be more than Rs 3.9 lakh crore by 2025. This year the revenues globally stood at Rs 15,628 crore, according to a report by Tractica, a market intelligence firm that focuses on human interaction with technology. The expanding use for mobile AR will lead to growth from 34 crore unique monthly active users (MAUs) globally in 2016 to nearly 190 crore MAUs by 2022, the report says. The rise of AI and AR has prompted large multinational companies to acquire startups working in the field.
My bleak forecast does not stem from the notion behind the common fintech (financial technology) and insurtech (insurance technology) industry pitch that they will change their respective industries with innovation and better customer experiences, although I firmly believe that some of the startups will cause significant pain to the incumbents and will indeed change their respective industries. These organizations will use their customers and employees to sell banking and insurance solutions, and the big financial institutions will become at best dumb pipes. What is terrifying to imagine is a situation in which tech giants or other big companies provide financial service solutions at or below production costs. The new competitors would not need to earn money and could even afford to lose money in offering financial solutions if these features entice customers and new potential clients to use the companies' core offerings.
But the more interesting news is the acquisition of Fast Forward Labs, a company that specializes in consulting with larger enterprises about emerging trends in machine learning that can help their businesses grow. Cloudera specializes in operating on top of open-source technology, looking to deliver an enterprise-grade product for larger organizations. The company said it brought in revenue of $89.8 million and a loss of 17 cents per share, while Wall Street was looking for a loss of 25 cents per share on revenue of $85.5 million. Still, there appears to be an opportunity for businesses here, as Cloudera was able to deliver a positive earnings report and database software startup MongoDB has confidentially filed to go public.
Amplero's software, relying on algorithms designed to detect patterns in data, aims to thread through companies' existing sales and marketing tools, running small experiments to find optimal ways for businesses to communicate with their customers. Amplero's software, relying on algorithms designed to detect patterns in data, aims to thread through companies' existing sales and marketing tools, running small experiments to find optimal ways for businesses to communicate with their customers. The investment round disclosed Tuesday, which brings Amplero's total outside investment to $25 million, was led by Greycroft and Bellevue-based Ignition Partners. Bob Kelly, the Ignition managing partner who led the venture capital firm's investment, said marketers at big firms can be left trying to sort through data from 30 different tools.
To elucidate the increased pace of AI acquisition further, from 2007 to 2012, acquisitions of AI startups experienced a compounded annual growth rate of 25 percent. Meanwhile, from 2013 to 2016, the compounded annual growth rate of AI startup acquisition nearly doubled to 49 percent. Assuming the pace of acquisition remains steady, a total of 99 AI startups will be acquired by the end of the year, bringing our estimated compound annual growth down to 43 percent. The company has made over one-third of the total number of acquisitions made by the top five AI acquirers in our chart.
Industrial IoT startup, Petasense was selected by leading venture capital firms, Data Collective and Emergence Capital, as one of the ten most disruptive machine learning startups out of over 350 contenders. "We are thrilled to have been selected as a Top-10 company to participate in Google's Cloud Machine Learning event," said Abhinav Khushraj, co-founder, and CEO of Petasense. Petasense recently emerged from stealth with one million sensor measurements comprising of 18 billion wireless vibration readings, and an investment led by True Ventures, with participation from Felicis Ventures and top angel investors. Petasense is backed by True Ventures, Felicis Ventures, and top angel investors.
Today it was made public that Google has acquired Halli Labs, a very young (its first public appearance was on May 22 of this year) startup based out of Bengaluru, India, that was focused on building deep learning and machine learning systems to address what it describes as "old problems." It's not clear whether or not Halli Labs ("Halli" means village in Kannada, the company notes) was funded. A huge number of startups have been founded breaking new ground in deep learning, neural networks, computer vision, natural language processing, robotics, and more. Companies besides Google and its parent company Alphabet that are acquiring AI expertise through acquisitions include Baidu, Samsung, Microsoft, Apple, Facebook and Snap, among many others.
American technology giant Google has acquired Bangalore-based artificial intelligence (AI) firm Halli Labs for an undisclosed sum. "We will be joining Google's Next Billion Users team to help get more technology and information into more people's hands around the world. A Google spokesperson said, "We are excited that the Halli Labs team is joining Google. Some of the acquisitions by Google in AI include firms such deep learning and neural network startup DNNresearch from the computer science department at the University of Toronto in 2013; British company DeepMind Technologies in 2014 for $600 million; visual search startup Moodstock, and bot platform Api.ai last year.
NEW DELHI: American technology giant Google has acquired Bangalore-based artificial intelligence (AI) firm Halli Labs for an undisclosed sum. "We will be joining Google's Next Billion Users team to help get more technology and information into more people's hands around the world. A Google spokesperson said, "We are excited that the Halli Labs team is joining Google. Some of the acquisitions by Google in AI include firms such deep learning and neural network startup DNNresearch from the computer science department at the University of Toronto in 2013; British company DeepMind Technologies in 2014 for $600 million; visual search startup Moodstock, and bot platform Api.ai last year.
In the latest development, Darktrace -- a cybersecurity firm that uses machine learning to detect and stop attacks -- has raised $75 million, giving the startup a post-money valuation of $825 million, on the back of a strong business: the company said it has a total contract value of $200 million, 3,000 global customers and has grown 140 percent in the last year. Notably, Darktrace also separately (not in its funding release) announced today that it is now in a strategic partnership with Hong Kong-based CITIC Telecom CPC, a telecoms firm serving China and other parts of Asia, "to bring next-generation cyber defense to businesses across Asia Pacific." Darktrace is part of the new guard of firms that are built around the concept of using artificial intelligence both to help security specialists identify and stop malicious attacks, as well as act on their own to automatically detect and stop the threats. "After witnessing the power of Darktrace's technology first-hand, CITIC Telecom CPC wanted to share the value of this disruptive AI for cyber defense on a large scale," commented Mr Daniel Kwong, Senior Vice President, Information Technology and Security Services at CITIC Telecom CPC.