If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Shelf Engine's mission to eliminate food waste in grocery retailers now has some additional celebrity backers. The company brought in a $2 million extension to its $41 million Series B announced in March. Ellen DeGeneres, Portia de Rossi, Shaun White and Shawn Mendes are the new backers, who came in through a strategic round of funding alongside PLUS Capital to bring the Seattle-based company's total funding to $60 million since the company's inception in 2016. This includes a $12 million Series A from 2020. Shelf Engine's grocery order automation technology applies advanced statistical models and artificial intelligence to deliver accurate food order volume so that customers can reduce their food waste by as much as 32% while increasing gross margins and sales of more than 50%.
How can femtech enhance women's special journey to delivery? How can it help them start that journey when they're having difficulties in conceiving? A common understatement that you may hear these days is that the world has been affected by the Pandemic. Let's get something straight, the world has not merely been "affected" by the Pandemic, it has completely transformed, or let's say, tele-transformed. The Pandemic has had an obscene amount of negative consequences on the world, yet, dare we say it, there are a few players that have somewhat benefitted from the situation, players that encourage and believe in virtual, digitally-powered transactions.
Deep Vision, a company known for developing AI processors as well as software suites for edge computing applications, has announced that it has raised $35 million through the investment fund Tiger Global. This second round of funding will primarily help the company expand the capabilities of its processor as well as its software. In addition to Tiger Global, Exfinity Venture Partners, Silicon Motion, and Western Digital also participated in the round. In 2021, the edge computing market reached 6.29 billion dollars against 4.68 billion dollars in 2020 according to a report by Grand View Research. A sector in which Deep Vision is involved since 2014.
Edge AI chip startup Deep Vision has raised $35 million in a series B round of funding led by Tiger Global, joined by existing investors Exfinity Venture Partners, Silicon Motion and Western Digital. The company began shipping its first-generation chip last year. ARA-1 is designed for power-efficient, low-latency edge AI processing in applications like smart retail, smart city and robotics. While the company's name suggests a focus on convolutional neural networks, ARA-1 can also accelerate natural language processing with support for complex networks such as long short-term memory (LSTMs) and recurrent neural networks (RNNs). A second-generation chip, ARA-2 with additional features for accelerating LSTMs and RNNs will launch next year.
The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Constructor, a San Francisco, California-based ecommerce personalization startup, today announced that it raised $55 million in a series A round led by Silversmith Capital Partners. The funding, which brings the company's total raised to $61.5 million, will be put toward product development, hiring, and go-to-market efforts, according to CEO Eli Finkelshteyn. Online commerce conversions are well behind in-store -- the average online shop sees less than 3% in conversions. But even though $4.2 trillion was spent on ecommerce platforms in 2020 alone, few ecommerce retailers have invested in a digital merchandising strategy.
When working with their clients Accenture under Tricarico's guidance focuses on "on guiding (their) clients to more safely scale their use of AI, and build a culture of confidence within their organizations." Not all companies have an established north star of AI use. Companies and partners like Accenture are vital to these companies and their proper and ethical use of the technology.
Deepcell, a life science company pioneering AI-powered cell classification and isolation for cell biology and translational research, today announced the appointment of Kevin Jacobs as the Vice President of Bioinformatics. Jacobs will be responsible for the company's bioinformatics strategy, implementation and its integration with other areas and into the company's offerings. This appointment is the latest addition to Deepcell's rapidly expanding team of scientists, engineers and computer science experts. Deepcell had acquired $20 million in Series A funding last year. Currently, Deepcell is helping to advance precision medicine by combining advances in AI, cell classification and capture, and single-cell analysis to deliver novel insights through an unprecedented view of cell biology.
Artificial intelligence (AI) is transforming the way we live, work, travel, and do business. The expertise of British AI companies, some of the world's most innovative, contributes significantly to this increase in global economic growth and productivity. Recently, Tech Nation, the leading growth platform for UK tech companies, released data on the growth of the AI tech ecosystem in the UK. According to this new data, the UK is now home to over 1,300 AI companies, up from 180 companies in 2011, representing a 600% increase. AI companies are scaling across all regions of the UK, with 50% of the top scaling AI companies being outside of London with Cambridge and Edinburgh being major hubs. Furthermore, Venture Capital investment into UK AI companies also rocketed from $120 million in 2010 to $3.4 billion in 2020.
The ability of computers to understand and generate language took a huge leap forward in 2017 when researchers at Google developed new natural -anguage AI models called Transformers. Some of the experts who built and trained those seminal models have since branched out on their own by founding the Toronto-based startup Cohere, which today announced a new $40 million Series A funding round. The technology that undergirds Cohere's natural-language processing models was originally developed by the Toronto-based Google Brain team. Two of that team's members, Aidan Gomez and Nick Frosst (along with a third cofounder, Ivan Zhang), started Cohere two years ago to further develop and commercialize the models, which are delivered to customers through an API. Cohere is backed by neural network pioneer and Turing Award winner Geoffrey Hinton, who led the Toronto Google Brain team, as well as some other big names in the AI world like Stanford computer science professor Fei-Fei Li. "Very large language models are now giving computers a much better understanding of human communication," Hinton said in a statement to Fast Company.
An autonomous laser-powered weeder is attracting big green from investors. Carbon Robotics recently announced it secured $27 million in Series B financing to help in its quest to eliminate weeds without herbicides. Weeds are a blight to gardens but an even bigger scourge for commercial food production. It's estimated that weeds cause a 10% loss in crop yields overall, amounting to 200 million tons per year. And, if left uncontrolled, weeds can result in 100% crop loss.