Portuguese VC Faber has hit the first close of its Faber Tech II fund at €20.5 million ($24.3 million). The fund will focus on early-stage data-driven startups starting from Southern Europe and the Iberian peninsula, with the aim of reaching a final close of €30 million in the coming months. The fund is backed by European Investment Fund (EIF) and the local Financial Development Institution (IFD), with a joint commitment of €15 million (backed by the Investment Plan for Europe – the Juncker Plan and through the Portugal Tech program), alongside other private institutional and individual investors. Alexandre Barbosa, Faber's Managing Partner, said "The success of the first close of our new fund allows us to foresee a growth in the demand for this type of investment, as we believe digital transformation through Intelligence Artificial, Machine Learning and data science are increasingly relevant for companies and their businesses, and we think Southern Europe will be the launchpad of a growing number." Faber has already'warehoused' three initial investments.

As the world of technology progresses, Artificial Intelligence becomes more intertwined in every aspect of our lives. From marketing programs that collect and process huge amounts of data, smart fridges that know when we need to get more milk and the prototype self-driving trucks slowly making their ways in our streets... Even the fields of teaching have accommodated AI with Intelligent Tutoring Systems such as the United States Air force's Own "Sherlock" program. Wikipedia defines AI ( Artificial Intelligence) as: " intelligence exhibited by machines, has many applications in today's society. More specifically, it is Weak AI, the form of A.I. where programs are developed to perform specific tasks, that is being utilized for a wide range of activities including medical diagnosis, electronic trading, robot control, and remote sensing. AI has been used to develop and advance numerous fields and industries, including finance, healthcare, education, transportation, and more.."

As the world of technology progresses, Artificial Intelligence becomes more intertwined into every aspect of our lives. From marketing programs that collect and process huge amounts of data, smart fridges that know when we need to get more milk and the prototype self driving trucks slowly making their ways in our streets... Even the fields of teaching have accommodated AI with Intelligent Tutoring Systems such as the United States Air force's Own "Sherlock" program. Wikipedia defines AI ( Artificial Intelligence) as: " intelligence exhibited by machines, has many applications in today's society. More specifically, it is Weak AI, the form of A.I. where programs are developed to perform specific tasks, that is being utilized for a wide range of activities including medical diagnosis, electronic trading, robot control, and remote sensing. AI has been used to develop and advance numerous fields and industries, including finance, healthcare, education, transportation, and more.."