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) …
Promaxo, an AI-powered medical imaging enhancement platform, announced the closing of an investment round of $4.17 million led by Huami. The medical technology company plans to use the new funds to accelerate its data strategy as it continues to incorporate artificial intelligence in imaging and image-based interventions. Using a combination of linear and genetic optimization algorithms, the company's medical imaging system forms the magnetic field within the field of view to maintain linearity and uniformity constraints while being thermally stable, the company said. "As an industry, we are just scratching the surface of how powerful MRI is poised to become in guided interventions, and we are proud to have Huami as a strategic investor as we introduce our truly open MRI system to the masses," said Dr. Amit Vohra, founder, and CEO of Promaxo. "Huami's mission is to connect health with technology, and we see tremendous opportunity in imaging to expand our growth opportunities. Companies such as Promaxo are disrupting the locations, applications, and costs of medical imaging. Huami has resources, such as miniaturization engineering expertise, that can help accelerate Promaxo's scaling, growth, and success, and we look forward to what our partnership can develop," said Huami Chief Operating Officer Mike Yeung.
Computer vision is an artificially intelligent technology that is rapidly growing in popularity. As this tech deals with how computers can reap high-level understanding from digital images or videos, it is becoming a part of people's everyday life. Besides having a significant impact on business transformation and consumers' lives, computer vision is starting to disrupt the global industry. The explosion in visual data, enhanced neural networks, and low-cost chips are some of the growth factors of computer vision. As a fast-evolving technology space, computer vision has attracted a lot of exposure and a great amount of investment.
RunwayML, a Brooklyn-based startup building a library of AI-powered tools for designers, artists, and other creators, has raised $8.5 million in venture capital. The company says the funds will be used to accelerate its go-to-market efforts as looks to increase the size of its product development teams. Runway CEO Cristóbal Valenzuela argues that for decades, the over $2.1 trillion media industry has relied on "incremental iterations" of familiar old tools. While some of those tools have become "smarter" in recent years, they're rooted in an outdated paradigm reliant on expensive, time-consuming processes. Corporate videos of all types range from $500 to $10,000 per finished minute -- minutes that take days, weeks, or even months to produce.
The fourth-annual Midas List Europe, produced by Forbes in partnership with TrueBridge Capital Partners, has arrived, and we're excited to share the top companies that drove the portfolios of this year's top European venture capitalists. The outlook for the European venture market may have been cloudy at the beginning of the global pandemic as recessionary cutbacks loomed and the IPO window narrowed, but European startups and investors have since bounced back. A wide variety of tech-based startups have been able to ride the tailwinds of the crisis, with new areas of everyday life benefitting from the transition to a technology-driven environment. Evidentially, investors remain clear-eyed and eager to invest in growth and innovation on either side of the pond with European VC deal value – and potentially fundraising – on pace to set new annual records. Here are the top ten companies that acted as key drivers behind this year's Midas List Europe: It's been a boom year for Stockholm-based Spotify, which is making its third consecutive appearance as the #1 driver on the Midas List Europe and fourth appearance overall.
At a time when more companies are building machine learning models, Arthur.ai As demand for this type of tool has increased this year, in spite of the pandemic, the startup announced a $15 million Series A today. The investment was led by Index Ventures with help from newcomers Acrew and Plexo Capital, along with previous investors Homebrew, AME Ventures and Work-Bench. The round comes almost exactly a year after its $3.3 million seed round. As CEO and co-founder Adam Wenchel explains, data scientists build and test machine learning models in the lab under ideal conditions, but as these models are put into production, the performance can begin to deteriorate under real-world scrutiny.
New Relic has acquired Pixie Labs, a provider of machine learning (ML)-based observability solutions for Kubernetes. The financial terms of the deal, announced on Thursday, were not disclosed. It was only a few months ago that the startup announced $9.15 million in Series A funding, and now, Pixie Labs has been snapped up by a company that sees value in the firm's offerings. New Relic is the developer of a cloud-based observability platform, New Relic One, which operates across the full software stack. Telemetry data is backed with artificial intelligence (AI) and ML-based algorithms in the platform to improve visibility and troubleshoot any problems.
Bangkok Bank PLC announced the launch of its Thai language Artificial Intelligence (AI) powered chatbot that was built in-house in a joint collaboration with Singapore-based fintech startup Pand.ai. The chatbot called TT01 was a result of Bangkok Bank's innovation programme, InnoHub. The development began earlier this year and the chatbot was fully completed in October. The solution will be available to clients of Pand.ai. Meanwhile, Bangkok Bank will use this as a digital sales assistant on LINE for their sales and relationship managers, scheduled to launch in Q1 2021.
As European startups try to gain a competitive edge against the U.S. and China, there has been a big push to promote "deep tech." And recent years have indeed seen a surge in European startups developing products based on scientific breakthroughs. But it looks like the pandemic has put a dent in that momentum, at least for now. According to the latest State of European Tech report, funding for deep tech in Europe fell from $10.2 billion last year to $8.9 billion in 2020. The report is produced annually by venture capital firm Atomico in partnership with Slush, Orrick, and Silicon Valley Bank.
Industry executives believe automation went mainstream this year and it has received the right amount of attention at the C-suite level. Also read: India can't make up its mind on PSUs, 30 years after liberalisation For California-based robotic process automation (RPA) company Automation Anywhere, growth in its India market this year has been mainly driven by existing customers migrating to the cloud and those that have completely revisited their operating model due to the pandemic. "Cloud lowers the cost of ownership and it prepares them for a significant scale up when the economy recovers next year. In fact, many of the new logos we have signed up in last 12 months have straightaway started on the cloud," said Milan Sheth, executive vice president-IMEA, Automation Anywhere. While growth this year has been driven by the services sector in the banking space, financial services & insurance (BFSI), utilities and hospital management, next year it will be led by the manufacturing sector.