In sharp contrast, Indian startups have collectively raised less than $100 million from (2014-2017YTD), according to data from startup analytics firm Tracxn -- that's smaller than Andrew Ng's recently launched $150 million VC fund. Artificial intelligence is an especially thorny space to be in as Indian startups lack access to large data sets. Very few VC funds in India will fund business models with a five-to-ten year timeline where data collection and analysis comes first. In 2006, his company – Tachyon Techologies released the first machine learning based Indian language input system called Quillpad.
At least, that's according to AI algorithms trained on two of the more common collections of thousands of images that are usually used by researchers to help machines understand the real world. What's particularly interesting is that biases present in image sets--such as the fact that women were 33 percent more likely to appear in a photograph related to cooking in one data batch it studied--are amplified in the connections that the AI's neural network makes. So, trained on that data set, an AI was 68 percent more likely to predict a woman was cooking, and did so even when an image was clearly of a balding man in a kitchen. It's by no means the first time that an AI has been observed to pick up gender biases from training data.
He had already designed custom chips for the company he co-founded, Bitmain, that had made it into the world's leading bitcoin miner, allowing it to dominate the new, hyper-competitive industry of unearthing bitcoins. Jack Liao, a Shenzhen-based bitcoin miner who has clashed with Bitmain, says Wu is trying to dominate the bitcoin economy and shape it for his own ends. Zhan, the Sophon chip designer and the technical brains behind Bitmain, was running a startup called DivaIP in 2010 that made a set-top box that allowed a user to stream a television show to a computer screen. The development of bitcoin mining ASICs escalated the race to devote greater amounts of processing power to bitcoin mining.
In the 2017 Retail Banking Trends and Predictions report, Daryl Wilkinson, managing director of DWC Strategy and Innovation, says we'll see "incumbent retail banks implementing on last year's promise of a smoother customer experience, beginning with onboarding. "One of the big barriers to improving things in the regtech space is the lack of an identity infrastructure, and that seems to have gone up the agenda recently," says David Birch, director of innovation at Consult Hyperion. After removing friction from the customer journey, the second most common cited trend to watch this year is the rise of chatbots in banking, powered by increasingly intelligent systems based on artificial intelligence (AI) and machine learning. From home improvement financing enabled by leveraging data from smart home sensors, to insure-as-you-drive insurance leveraging real-time driving (human) and travelling (autonomous) behaviour, these unique datasets will bring a whole new set of innovation and the next wave of fintech startups."
Chinese financial giant Ping An Insurance (Group) Co will spend more than 7.77 billion yuan (S$1.6 billion) on technology research and development this year, and artificial intelligence will be the focus of that R&D, according to a senior executive of the company. The State Council, China's Cabinet, in July issued a national artificial intelligence development plan, with a goal of making China one of the world's foremost AI innovation centres by 2030. A user can submit his documents, and with the facial recognition and voice authentication technologies provided by Ping An Technology, Ping An Group can confirm his identity and even know his credit to determine how much money to lend. In June, Tencent Holdings Ltd unveiled Xiaowei, an intelligent voice computing platform developed on the basis of WeChat's voice recognition technology.
From a business perspective, the use of AI (AKA cognitive computing) can transform the consumer landscape. However, there is another type of product that integrates AI systems into their already existing business models (the technology is secondary to the business). This statement comes at a time when the country pledges a multibillion dollar investment initiative for AI startups and research. While the technology behind such weapons are likely to kept close secret, it begs the question as to how much governments like China will keep cutting edge research for consumer products within their borders.
Xu runs SenseTime Group Ltd., which makes artificial intelligence software that recognizes objects and faces, and counts China's biggest smartphone brands as customers. "Data access has always been easier in China, but now people in government, organizations and companies have recognized the value of data," said Jiebo Luo, a computer science professor at the University of Rochester who has researched China. Venture capital firm Sequoia Capital helped organize the event, which included representatives from Dell Inc., International Business Machines Corp. and Lenovo Group Ltd. A spokeswoman for Dell characterized the event as the nation's first "Healthcare and Medical Big Data Ecology Summit." Luo, the computer science professor, said most national security research efforts are relegated to select university partners.
As for AI patents, American companies hold 26,891 patents, while Chinese firms owns 15,745, according to Wuzhen Institute. U.S. AI companies raised an accumulated RMB97.8 billion (US$14.7 billion) since the late 1990s, taking 50% of global total. While investors are backing start-ups in all aspects of AI in America, Chinese AI companies raising the most money are in the applications segment, meaning investors do not find Chinese companies conducting outstanding basic AI research and development, or developing leading AI processors or chips. By 2020, American AI companies are expected to raise RMB200 billion (US$30 billion) in accumulated fundraising, while Chinese companies are expected to see aggregate financing of around RMB100 billion (US$15 billion), half that of American AI companies.
Antshares, the first open-source blockchain platform developed in China, announced a complete rebranding of its blockchain solution into NEO. If you recall at the beginning of this year, China's central bank PBOC (People's Bank of China) announced it was developing an Ethereum-based digital currency to replace the Yuan. The Beijing-Shanghai network that is currently under construction is set to host the world's longest land-based quantum communication channels, stretching over 2,000km with Jinan as its hub. Will Be Uploading Onto the NEO Platform Alex Norta announced that his startup Agrello will be partnering with NEO to develop smart contracts for automation, self-execution, accuracy and transparency.
Big data and AI algorithms are in the center of a new deal between China's largest retailer JD and leading search engine provider Baidu. JD will provide its wealth of consumer data while Baidu will use their AI skills to help advertisers understand their users better. As part of the partnership, the company's flagship mobile search app, is providing JD "first-level" access points to the hundreds of millions of mobile users in China who use Baidu to connect with the information and services they need, from its core search platform and suite of products ranging from mapping, music and video, to its popular chatroom platform Baidu PostBar (Tieba). The access points allow users to make purchases of JD products without ever needing to leave the Baidu apps, providing consumers a seamlessly integrated user experience.